In contrast to robust growth in passenger traffic, air cargo has been in the doldrums since 2010, according to the International Air Transport Association's Economic Performance of the Airline Industry report. IATA launched this report during its 70th Annual General Meeting in Doha, Qatar. The report outlines how air transport is adding value for consumers, the wider economy, governments and investors.
For 2013, airlines are expected to return a global net profit of $12.9bn. This is expected to lead to a net profit of $19.7bn in 2014. Both are improvements on previous months. The upward revision reflects lower jet fuel prices over the forecast period as well as improvements to the industry's structure and efficiency. Passenger markets continue to outperform the cargo business, which remains stagnant both on volumes and revenues.
There was a small improvement in airfreight growth in October, according to the International Air Transport Association. Compared to October 2012, global freight tonne kilometers rose four percent, with growth in all regions except Africa.
Airfreight reliability and security took another step forward with the news that American Airlines Cargo will begin offering a one-time use program with FlightSafe, a leading GPS and sensor-based tracking device for air cargo shipments.