The UAE will have the third largest international air cargo market in the world by 2018 according to a new report by the International Transport Association (IATA). IATA\'s Airline Industry Forecast 2014-2018 forecast that the UAE will see freight totalling nearly 5 million tonnes in 2018, behind only the United States (10,054,000 tonnes) and China (5,639,000). Its market will be bigger than Germany (4763000), Hong Kong (4,648,000), Republic of Korea (3,487,000), Japan (3,480,000), the United Kingdom (2,808,000), Chinese Taipei (2,350,000) and India (2,223,000), the figures showed.
The report added that another notable growth country will be Qatar with a compound annual growth rate (CAGR) of 5.7%, making it the sixth-fastest growing to take its total freight tonnes to 1,484,000. The fastest growing international routes will be between the Middle East and Asia, at 6.2% per year. Within Middle East (4.6%), North America to South America (3.9%), and Europe to Southern Africa (3.8%), will also grow strongly. IATA added that the Middle East is forecast to be the fastest growing region over the forecast period with a CAGR of 4.7%.
Globally, its Airline Industry Forecast 2014-2018 showed that international freight volumes are expected to increase at a CAGR of 4.1% over the next five years. Tony Tyler, IATA\'s director general and Chief Executive Officer (CEO) said that \"Air cargo remains as vital to the global economic system as ever. This year, more than USD 6.8 trillion worth of goods, equivalent to 35% of total world trade by value, will be transported around the world by air. So it is welcome to see a forecast for a return to growth for the air cargo sector after several years in the doldrums. 27 OCT - 2014