As per the International Air Transport Association’s (IATA) May figures, the Middle Eastern carriers experienced a 6.8% year-on-year decrease in cargo volumes in April 2023.
While this was a slight decline in performance compared to the previous month (-5.5%), the capacity increased by 10% compared to April 2022. While this could be attributed to the air cargo industry adjusting to the recovery in passenger demand that brings along belly capacity, several tailwinds, however, were noted by IATA, like improvements in the Purchasing Managers’ Index (PMI) in April, indicative of global export orders and of China’s improving PMI as well.
While the global goods trade increased by 0.2% in March, consumer and producer price increases have also moderated as per the global Consumer Price Index (CPI) rates, IATA noted. Fastest-growing airline markets Industry watchers claim that the Middle East is slated to be one of the fastest-growing airline markets in the world in the next decade, owing to the massive economic transformations planned by many Gulf countries and others. Many have become key transit hubs for transporting people and cargo, owing to the growth of aviation in Africa and the runaway cargo successes built by countries like Turkey and several Gulf nations.
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