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            january 19, 2020

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Boeing forecasts 4pc annual growth


The projected annual growth rate for the Middle East air cargo over the next 20 years is four per cent, according to TradeArabia news, which cited the findings of Boeing World Air Cargo Forecast (WACF).
Boeing said in the forecast that the region is starting to diversify beyond the oil industry to industrial and business development. "An example is Dubai, where a long-term effort has produced an economy strong in logistics, tourism, banking, and construction. This expansion will lead to growing air cargo flows," stated the airline manufacturer's biennial assessment of the air cargo industry.
The study pointed out that Middle East air cargo movement accounted for 7.7 per cent of the world's tonnage and for 6.9 per cent of the world's revenue tonne-kilometres in 2009. It pointed out that the region serves as a crossroad for Africa, Asia, and Europe, with Dubai handling 70 per cent of the air cargo traffic for the region.
The four largest economies in the region commanded 70 per cent of the region's GDP in 2009. Not only have the oil exporters of the region benefited from the oil boom, but nearly all the other countries have as well, the forecast said.
"There also has been movement toward economic liberalisation and cooperation between countries. These changes should improve the region's investment climate and economic competitiveness. New highways and trade agreements will facilitate increased intra-regional cargo flows," it said.
Air cargo traffic growth between the Middle East and Europe has been strong since 1999, with the 7.8 per cent annual growth of the smaller westbound market outpacing that of the eastbound market at 5.6 per cent. New infrastructure will reinforce the region's role as a hub. Dubai's new Al Maktoum International Airport is planned to be the world's largest cargo hub and received its first cargo flight in the summer of 2010.
Trade with Europe accounted for 1,08 million tonnes of air cargo in 2009 and represented 41 per cent of the Middle East's international air cargo market.
In 2009, North America accounted for 10 per cent of the air cargo market in the Middle East at 285,500 tonnes.
Growth in the North America-to-Mideast market has been robust, with an annual growth rate of 8.3 per cent, but this flow is still small compared to others in the Mideast. Air cargo from the Mideast to North America has remained flat for the past decade, averaging one per cent annual growth. Total Mideast-North America air cargo is down 12.5 per cent from its 2008 peak, said Boeing's forecast.

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