African Airlines Experience Strongest Growth In 7 Years
In just a few months, Africa is experiencing its fastest growth in the freight industry since the global economic collapse. African Airlines are now experiencing the strongest growth in 7 years. Data released by the International Air Transport Association (IATA) for the global air freight markets shows that the volumes were up 31.6 percent. Furthermore, there is a capacity increase of 7.6 percent.
This improvement contributed to a freight demand growth of 25.9 percent in the first half of 2017โthe fastest in all regions. The demand has resulted from increased trade between the continent and China. Trade between the two continents has grown by nearly 60 percent in the six months to June 2017.
โSeasonally adjusted growth has leveled off in recent months. However, growth is set to remain in double digits for the remainder of 2017,โ IATA said in its half-year report.
Reasons behind the surge in the data of African Airlines
IATA director-general Alexandre de Juniac said that air cargo is flying high on the back of a stronger global economy and a rebound from the 2010 global economic crisis.
โThis was the strongest first half-year performance in seven years. Also, itโs nearly triple the industryโs average growth rate of 3.9 percent over the past five years.
โWe have seen the demand grow at a faster pace than at any time since the global financial crisis. Thatโs great news after many years of stagnation,โ said Mr. Juniac.
โMore importantly, the industry is taking advantage of this momentum to accelerate the much-needed modernization process and improve the value it provides to its customers.โ
In June, Ethiopian Airlines announced that it had signed a commitment with Boeing for the purchase of two B777 freighters at a cost of $651.4 million. This was after purchasing two aircraft to boost its freight business.
The airlineโs group chief executive officer Tewolde Gebre Mariam said the freighters are strategic for the airline as it seeks to chart its long-term plan.
โWe are building one of the worldโs largest cargo terminals, and having new generation and high-performance aircraft. This shows our commitment to supporting the continentโs growing cargo and logistics service,โ said Mr. Tewolde.
Source: Read More Here >>