Middle East air cargo volumes rebound in May
Middle East air cargo volumes rebounded in May following a 3 percent dip in the previous month, according to the International Air Transport Association (IATA).
Regional carriers saw year-on-year freight volumes increase by 10.2 percent in May while capacity grew by 1.7 percent.
IATA said in a statement that the recent swings in the growth rate appear to be mainly a reflection of the more volatile monthly data last year.
Seasonally-adjusted freight volumes maintained their upward trend. Demand between the Middle East and Europe remains strong, increasing 19 percent so far this year but traffic to Asia has weakened, growing by just over 1 percent, IATA added.
Globally, IATA said air freight demand, measured in freight tonne kilometres (FTKs), grew 12.7 percent in May compared to the year-earlier period. This is more than three times higher than the five year average growth rate of 3.8 percent.
"May was another good month for air cargo. Demand growth accelerated, bolstered by strong export orders. And that outpaced capacity growth which should be positive for yields. But the industry can't afford to rest on its laurels," said Alexandre de Juniac, IATA's director general and CEO.
Courtesy: Arabian Business