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26-10-14

MEA air cargo to grow 4.1 percent in five years

(MENAFN) According to the International Air Transport Association (IATA), the international freight volumes are expected to increase at a compound annual growth rate (CAGR) of 4.1 percent over the next five years, with the markets of the Middle East and Africa being the fastest-growing ones in that cited period, Saudi Gazette reported.

This year, around USD6.8 trillion worth of goods is expected to be transported by air cargo around the world is expected, amounting to 35 percent of total world trade by value being transported by air, with these numbers being the reason behind these positive predictions of an average of more than 4 percent growth for the next five years especially since the average has been 0.63 percent per year since 2011.

The report forecasted that the Middle East will be the fastest growing region over the period with a CAGR of 4.7 percent, followed by Africa, which will have a CAGR of 4.4 percent, then Asia-Pacific and Latin America, both with a CAGR of 3.8 percent, and the markets of Europe and North America, which will grow at 3.0 percent CAGR and 2.8 percent CAGR, respectively.

The report also expected that by 2018, the 10 largest international freight markets will be the United States, with 10.054,000 tons, China follows with 5,639.000, the UAE with 4.974.000, then Germany with 4.763.000, Hong Kong with 4.648.000, Republic of Korea with 3.487.000, Japan, with 3.480.000, the United Kingdom with 2.808.000, Chinese Taipei with 2.350.000 and then finally India with 2.223.000 tons.

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