A strong start to the year helped the air cargo industry post a 2.2 percent gain in freight-ton kilometers, according to data from International Air Transport Association.
Airfreight volumes expanded 2.2 percent in 2015, but mediocre economic activity in Europe and the Asia-Pacific regions kept the rate of growth at less than half that of the previous year, according to the International Air Transport Association.
After a strong start in the first quarter, ostensibly due to shippers diverting cargo from ocean transport to avoid gridlock at U.S. West Coast ports during a labor slowdown, airfreight volumes declined through most of the year before ticking up in November and December. Year-over-year global cargo growth in December was 0.8 percent.
Cargo in Asia-Pacific, accounting for around 39 percent of freight traffic, expanded by a moderate 2.3 percent. Europe and North America, which between them comprise about 43 percent of total cargo traffic, were basically flat in 2015. Latin America suffered a steep decline (-6.0 percent) while the Middle East grew 11.3 percent. Africa also saw modest growth of 1.2 percent.
The freight load factor fell to an average 44.1 percent compared to 45.7 percent in 2014, driven down by weak demand and capacity expansion.
“2015 was another very difficult year for air cargo. Growth has slowed and revenue is falling,” IATA Director General Tony Tyler said in a statement Tuesday. “In 2011 air cargo revenue peaked at $67 billion. In 2016 we are not expecting revenue to exceed $51 billion.
“Efficiency gains are critical as the sector adjusts to shortening global supply chains and evermore competitive market conditions,” he added “We have to adjust to the ‘new normal’ of cargo growing in line with general rates of economic expansion. The industry is moving forward with an e-freight transformation that will modernize processes and improve the value proposition.
“The faster the industry can make that happen, the better.”
Global air cargo growth slows in 2015
