One of the more positive developments that the logistics and freight transportation markets have seen over the past 12 months is the reversal of fortunes in the air cargo sector. In fact, executive editor Patrick Burnson takes a deep dive into the factors that are driving this significant turnaround in our “Quarterly Transportation Market Update: Air Cargo” .
According to Burnson, the growth trend was solidified last month when the International Air Transport Association (IATA) released global data that indicated that air cargo demand grew 12.7% in May 2017 compared to the same period a year ago—a number that was up from the 8.7% annual growth recorded in April 2017 and is more than three times higher than the five-year average growth rate of 3.8%.
“Nearly all the numbers are pointing to continued growth of air cargo demand, and of course they’re consistent with an improvement in overall world trade,” says Burnson. “And it shows no sign of slowing down at the moment, as new global export orders remain close to a six-year high through the spring and summer months.
And while confidence is currently running high among the carrier base, Burnson also reports that feeling should trickle down to the world’s airfreight forwarders who have been ramping up their technology offerings to differentiate themselves in a now hyper-competitive market.
“Forwarders are now applying advanced technologies that have the potential to transform forwarding and trade processes,” adds Burnson. “This trend could allow small- and medium-sized forwarders to compete more effectively against the big corporates as solutions become increasingly affordable.”
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