Asia Pacific players to drive air cargo growth
The shift of global economic power eastwards is continuing, driven by the rapid development of China and India, with added momentum from other dynamic Asian economies including Indonesia, Korea, Malaysia, Philippines and Thailand
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The reshaping of the global air cargo industry over the past 12 months has been dramatic, with enterprising Asia Pacific carriers at the forefront of developments, said Andrew Herdman, executive director, Association of Asia Pacific Airlines (AAPA).
He noted, however, that the global economic slowdown has had an impact on air freight, which has remained depressed as a result of weak consumer confidence in Europe and the United States, with a corresponding slowdown of exports from Asia.
As Asian carriers operate large freighter fleets and account for approximately 40% of global air cargo traffic, they have been particularly hard hit by the current cargo market weakness.
But change is in the air: “The shift of global economic power eastwards is continuing, driven by the rapid development of China and India, with added momentum from other dynamic Asian economies including Indonesia, Korea, Malaysia, Philippines and Thailand,” said Herdman. “Steadily rising incomes are driving sustained growth in cargo demand, which is being met by innovative Asian airlines using a variety of business models.”
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