The International Air Transport Association's (IATA) 2013-2017 Airline Industry Forecast says international freight volumes are expected to grow 17 per cent over the next five years, according to the Shipping Gazette.
The five largest markets will be the United States, China, Germany, Hong Kong and the United Arab Emirates which are expected to grow at a five-year compound annual growth rate (CAGR) of 3.2 per cent.
Hong Kong and the UAE will both contribute more than 700,000 tonnes each to the additional freight volume during the period ending in 2017. Freight carriage within the Asia-Pacific region will account for around 31 per cent of the expected total increase in freight tonnage over the period, the American Shipper reported.
Africa is forecast to be the fastest-growing region over the forecast period, with a growth rate of four per cent CAGR. Not far behind Africa are the Middle East and Latin America, both with a CAGR of 3.8 per cent, and the Asia-Pacific at 3.5 per cent each year, followed by Europe and North America at 2.4 per cent CAGR and 2.7 per cent CAGR, respectively.
Vietnam is expected to be the fastest-growing country for air freight volumes over the forecasting horizon, with a yearly CAGR of 6.6 per cent, followed by Bangladesh (5.7 per cent CAGR), Brazil (5.5 per cent CAGR), Ethiopia (5.3 per cent CAGR) and Peru (5.2 per cent CAGR).
"Air cargo is a key enabler for the movement of high-value products and perishable goods around the globe. More than US$6 trillion worth of goods is air freighted annually, accounting for around 35 per cent of total world trade. But more recently, the relationship between international trade and GDP has broken down, owing to rising trade barriers and 'on-shoring' of production.
"The successful conclusion of the World Trade Organisation talks in Bali potentially could be very important in kick-starting trade growth. To be ready to take best advantage of possible opportunities, air cargo needs to work together as an industry to improve its competitiveness and enhance the quality of its service to customers," said IATA director general Tony Tyler, former CEO of Hong Kong's Cathay Pacific Airways.
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