Air freight posts strongest first quarter since 2010

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The first half of 2017 is the strongest first half since 2010 for global air freight, according to the International Air Transport Association (IATA).

Compared to 2016, freight ton kilometers, the measurement of freight traffic, increased 10.4 percent. The average annual rate over the past five years has been 3.9 percent.

Asia-Pacific saw the largest growth at 37.4 percent, followed by Europe at 23.5 percent and North America at 20.7 percent.

Available freight ton kilometers, the measurement of freight capacity, grew 3.6 percent compared to 2016.

“Air cargo is flying high on the back of a stronger global economy,” Alexandre de Juniac, IATA director general and CEO, said. “Demand is growing at a faster pace than at any other time since the global financial crisis. That’s great news after many years of stagnation. And, even more importantly, the industry is taking advantage of this momentum to accelerate much-needed process modernization and improve the value it provides to its customers.”

Other factors contributing to growth include increased global trade and a low inventory-to-sales ratio.

IATA said the growth period may have peaked. The association forecasts 8 percent growth during the third quarter.

In June, freight capacity grew 5.2 percent compared to 2016 and demand jumped 11 percent.