An extraordinary recovery

Air cargo tonnage for the first time ever crossed the 90 million metric tonnes barrier due to a 15.3% increase. The surge came in the wake of an 8% decline in 2009 and more than compensated for the losses caused by the global financial crisis. All regions recorded growth in excess of 10% led by Asia-Pacific, Europe and Latin America-Caribbean. Africa was the only region where growth was muted at 1.9% stopping short of a full recovery in that region (Figure 38). The recovery in Africa is slower than in other regions in line with the slower pace in which it entered the downturn.

Asia-Pacific further consolidated its position as the largest air cargo market in the world with now over 30 million tonnes per annum. The Middle East delivered 13.7% growth after an already positive year in 2009 ranking as the fourth largest cargo region. Asia-Pacific and Middle East have clearly gained market share during and after the crisis with 2010 volumes well above 2008 levels. North America, Europe and Latin America-Caribbean have offset their previous losses in 2010.

As in 2009, each half of the year in 2010 had very different characteristics. While the first was characterized by exceptionally high growth rates, the second half was more moderate as the reference period performance improved.

The significant growth rate spreads also diminished during the course of the year as the industry entered the post-recovery phase (Figure 39). International freight accounted for 65% of global freight volumes and grew by 20.4%.

The ranking of domestic airports remains dominated by North American airports while the international freight ranking shows a majority of Asia-Pacific airports. The percentage increases at the largest international freight airports are remarkable.

Hong Kong has replaced Memphis as the world’s largest cargo airport due to a 23.2% rise (Figure 40). But Memphis remains on top of the domestic airport list followed by Louisville and Indianapolis (Figure 41). Hong Kong also tops the international cargo airport ranking as in previous years trailed by cargo gateways in South Korea, China and the UAE. Frankfurt and Paris (CGD) are the two largest international cargo gateways in Europe (Figure 42).

World trade is the key catalyst for air freight. Its volume growth reached its peak in July when trade volume was 25% higher than in July 2009 (Figure 43). Overall, trade volumes were 15.1% higher than in 2009, remarkably in  line with the 15.3% worldwide air cargo surge.