Middle Eastern carriers see increase in air cargo demand of 5.4% in July, nearly three times the global average
Air cargo growth in the Middle East was the highest registered anywhere in the world during July, according to new figures released by the International Air Transport Association (IATA).
Middle Eastern carriers posted an increase in demand of 5.4 percent compared to the same period a year earlier, while capacity increased by 6.3 percent.
IATA said in a statement that seasonally-adjusted freight volumes continue to trend upwards in the Middle East but at a comparatively modest pace by the region’s standards.
Globally, IATA said air freight markets demand rose 2.1 percent in July compared to the same period the year before.
This was the slowest pace of growth seen since May 2016 and well below the five-year average growth rate of 5.1 percent.
Freight capacity grew by 3.8 percent year-on-year in July, the fourth time in five months that capacity growth outstripped demand growth.
"July demand for air cargo grew at its slowest pace since 2016. We still expect 4 percent growth over the course of the year, however the downside risk has increased. The tariff war and increasingly volatile trade talks between the world’s two largest trading nations – China and the US - are rippling across the global economy putting a drag on both business and investor sentiment. Trade wars only produce losers," said Alexandre de Juniac, IATA's director general and CEO.