Possible slowdown in air cargo as Europe, Asian economies falter

Air freight volumes worldwide were up 3% year-over-year (YOY) in January, as approximately 5.5 million metric tonnes of cargo were shipped by air in January—a YOY increase of approximately 160,000 metric tonnes from January 2014, according to Airports Council International (ACI).

“Despite the existing perseverance in international trade volumes, particularly for a portion of 2014, weakness in [the] major economies [of Russia, Europe, Japan and China] may translate into bad news for the air freight market in the coming months, particularly at the major freight hubs,” ACI economics director Rafael Echevarne said. “We should continue to monitor the on-going growth in air freight with cautious optimism.”

Air freight shipping in domestic markets worldwide was up 1.1% YOY in January, to approximately 1.7 million metric tonnes shipped; international air freight tonnage in January increased 3.9% YOY, to approximately 3.8 million metric tonnes shipped. 

Overall, Middle East airports had the largest January increase in air freight volume, rising 9.6% YOY, an increase of approximately 32,000 metric tonnes (all international air freight) over January 2014. Air freight in Africa also picked up in January, rising 6.8% YOY, an increase of approximately 2,400 metric tonnes over January 2014.

The Asia-Pacific region had a 3.7% YOY increase, up approximately 77,000 metric tonnes YOY. Air freight volumes in North America grew 3.1% YOY, up approximately 50,000 metric tonnes YOY. European air freight volumes slipped 0.5% YOY in January, down approximately 5,800 metric tonnes YOY.

Global air passenger traffic grew 4.5% YOY in January, as ACI’s member-airports calculated approximately 345 million departing and arriving passengers in January—an increase of approximately 15 million passengers over January 2014.

Middle East airports continued to exhibit the greatest statistical passenger growth of all world regions. In January, passenger numbers were up 11% YOY as approximately 1.4 million more passengers YOY (all international flights) used the region’s airports.

Latin America-Caribbean region airports also saw strong growth in January, with overall passenger traffic rising 7.1% YOY, or approximately 2 million more passengers YOY. Asia Pacific region passenger traffic grew 4.4% YOY (approximately 4.6 million passengers YOY); European passenger traffic was up 4.8% YOY (approximately 4 million passengers YOY); North American passenger traffic increased 2.6% YOY (approximately 2.4 million passengers YOY).

ACI’s Echevarne noted “heterogeneity” of growth in key emerging aviation markets. “While there is slowed growth in passenger traffic in China and Russia, India is now catching up to these two countries,” Echevarne said. “In January alone Indian traffic grew by over 18% … the combination of a move toward a more liberalized market for aviation coupled with stronger economic fundamentals has helped to awaken the Bengal tiger.”ACI’s 1,850 member-airports account for approximately 60% of the world’s total air passenger traffic and 70% of the world’s total air freight traffic.

(Mark Nensel - ATWOnline News)