According to statistics from the International Air Transport Association (IATA), international scheduled airfreight traffic showed a 22.7% improvement in July.
However, while the recovery in demand has been faster than anticipated, it has now entered a slower phase.
During the second half of 2009, demand was rebounding at an annualised rate of 28%; in the year to July, the annualised growth rates had dropped to 17%. But this is still considerably above the industry's traditional 6% growth trend.
IATA's director general & CEO Giovanni Bisignani points out that consumer confidence remains fragile due to the jobless economic, particularly in North America and Europe. Following the boost of cargo demand from inventory re-stocking, further growth will be largely determined by consumer spending, which remains weak.
The two-speed recovery continues to see weak growth by European carriers of 12.1% in July, less than half the 25.3% increase by Asia-Pacific carriers or the 27.1% growth recorded by North American carriers.
In terms of market share by FTK, Asia-Pacific holds 44.7%, Europe 24.3%, North America 16.6%, the Middle East 10.4%, Latin America 2.8% and Africa 1.3%.
Bisignani reiterated the need for a regulatory structure that facilitates consolidation across political borders, saying that the industry has more than a thousand players with only very limited opportunities to consolidate as a result of the antiquated bilateral system's restrictions on ownership.
"The business realities of the industry are changing. It is critical that governments find a modern regulatory structure that is free of outdated ownership restrictions and able to facilitate opportunities for consolidation globally - something that other industries take for granted," said Bisignani.
He also pointed out that this year has been marked by strikes and threats of strikes at airlines, and with airports and air navigation service providers. "Avoiding strikes at BAA and AENA, Spain's provider of air navigation services, were major accomplishments. We are all in this together - including all our partners in the value chain and those who work in this financially fragile industry. It is not the time for strikes. We must work together to secure our future by finding solutions to reduce costs."
Source: eyefortransport.com
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