Global air freight volumes increased 14.4 per cent in October from a year ago, signalling a possible turning point for the sector's fortunes, reports the International Air Transport Association (IATA).
October saw an end to a 5 per cent decline in freight volumes since May, the IATA said in its international traffic results published last week. Although the 14.4 per cent increase was marginally weaker than the 15.5 per cent recorded in September.
Asia-Pacific airlines reported a 14.9 per cent year-on-year increase in international freight demand in October, while European airlines recorded a 12.1 per cent year-on-year demand increase and North American carriers saw a rise of 12.2 per cent.
The IATA said the results appeared to signal a turning point for freight, but IATA director and CEO Giovanni Bisignani warned that a single month did not equal a trend. 'It remains to be seen if this is a stabilisation in freight volumes or the start of an upward trend,' he said.
Improvements in demand are being met by a cautious approach to capacity expansion, the IATA report said. A cargo capacity expansion of 9.2 per cent was well below the demand increase of 24 per cent over the first 10 months of the year, it said.
'As we approach the end of 2010, growth is returning to a more normal pattern. Passenger demand is 5 per cent above pre-crisis levels of early 2008, while freight is 1 per cent above. Where we go from here is dependent on developments in the global economy,' said Giovanni Bisignani, IATA's director general and CEO.
'The US is spending more to boost its economy. Asia outside of Japan is barrelling forward with high-speed growth. And Europe is tightening its belt as its currency crisis continues. The picture going forward is anything but clear, but for the time being, the recovery seems to be strengthening.'
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