Economy

IATA Recorded Slow Freight Growth

IATA Recorded Slow Freight Growth”

Global airline passenger demand growth slowed to 5.7 percent year over year in September, its slowest year-over-year rate of growth since February, according to the International Air Transport Association. This is 4.4 percent higher than the five-year average growth, despite the fact that growth has slowed slightly with September being the slowest month since early spring.

IATA director general and CEO Alexandre de Juniac said demand growth excluding the hurricanes' impact was "healthy", although on a global level "the demand stimulation from lower fares has waned, suggesting a moderating trend in traffic growth".

"Hurricanes Irma and Maria weighed heavily on the results, although growth already had been tapering", IATA said in a statement.

Middle Eastern carriers saw their slowest rate of global growth in September in over eight years, with a temporary ban on electronics and proposed travel restrictions hitting demand, according to an airline industry body on Thursday.

On how other regions performed, the Asia-Pacific airlines saw freight volumes increase by 9.3 per cent in September 2017, compared to the same period a year ago. A solid regional economic backdrop, helped by robust growth in China, is supporting passenger demand within the region.

Freight capacity grew 3.9 percent, less than half of demand growth.

Middle East carriers had a 3.7% rise in demand, the slowest rate of increase since February 2009.

With year-to-date demand growth of 10.1 per cent, the IATA forecast of 7.5 per cent growth in air freight demand for 2017 appears to have significant upside potential even if the peak of the economic cycle has passed. Capacity in the region expanded 5.3 per cent. Demand growth was strong on all the major routes to, from and within Asia-Pacific, consistent with strong export order books for the region's manufacturers.

"Asia-Pacific airlines saw freight volumes increase by 9.3% in September 2017, compared to the same period a year ago". Capacity rose 0.3% and load factor jumped 2.4 percentage points to 73.8%.

Domestic demand climbed 4.2 per cent in September compared to September 2016, heavily affected by weather disruptions in the United States market, which accounts for more than 40 per cent of all domestic RPKs.

India and China continued to lead all markets with double-digit annual traffic increases while elsewhere, results were mixed.

U.S. domestic traffic fell 1.2 per cent, reflecting the hurricane impacts.



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