Global cargo volumes driven up by Lunar New Year and US port congestion in Feb-2015: IATA

IATA reported (01-Apr-2015) an 11.7% year-on-year increase in global FTKs and a 7.4% increase in cargo capacity in Feb-2015. The result was mainly attributed to the timing of Lunar New Year and the consequences of congestion at sea ports on the US west coast. Growth is not expected to continue at the same pace, but business confidence improved slightly and trade continues to grow. IATA reported the following regional highlights:

• Asia Pacific volumes increased 20.8% due to strong demand ahead of Lunar New Year. Capacity in the region increased 12.7%. Carriers from Japan particularly benefited from modal shift for automotive exports due to congestion at US ports;
• European airlines reported a 1.1% increase in FTKs and a 2.4% increase in capacity. Europe's economy remains weak and demand is negatively impacted by sanctions against Russia and regional recession. Manufacturing output showed some signs of improvement;
• North America volumes increased 8.7% and capacity grew 0.7%. Airlines benefited from US port congestion and continued volume growth is expected to by supported by improvement in employment, consumer and business confidence in the US;
• Latin American airlines recorded a 9.6% decrease in volumes and capacity increased 1.9%. Regional trade activity increased in recent months, but did not offset the struggling economies of Argentina and Brazil;
• Middle East FTKs increased 17.6% and capacity increased 19.2%. Carriers in the region continue to benefit from geography, further network expansion and transit traffic;
• African FTKs increased 8.3% and capacity increased 3.8%. Regional trade growth countered economic weakness in Nigeria and South Africa. [more - original PR]