While the general consensus is that the international air cargo industry is set for tough times in the near future, many are banking on Asia to soften the blow, Malaysian media reported on Monday.
At the recently concluded Air Cargo Forum (ACF) in Kuala Lumpurlast week, Asia, in particular China, was the highlight of many discussions on hope for the cargo industry, the New Straits Times said.
Both airlines and aircraft manufacturers expect much of its demand to come from Asia during the current economic crisis, as air cargo traffic shifts to the Asian region.
"I am not saying that worldwide growth will not be impacted by the economic crisis, but that Asia is in a better position to handle it," Airbus freighter aircraft head of marketing Didier Lenormand said last week.
The Asian market remains strong because of intra-Asia traffic especially between the Indian sub-continent and Southeast Asia.
"The underlying factor would be its large population. Asia is full of highly populated countries with a rising number of middle class people that have much purchasing power.
"So, you (Asia) are not only the producers (of consumer goods) but you are also the consumers," Lenormand said.
The air cargo industry in Asia is structurally different from Europe and the United States, which is a business to consumer market, he said.
"The volume of freight going through Asia will continue to be high due to its business-to-business market, with many Asian countries transporting unfinished products for completion elsewhere in the region," Lenormand said.
Resources available in Asia are also much higher here than in Europe, considering the high savings rate in Asia, he said.
Aircraft manufacturer Airbus expects most of its demand for new aircraft to come from Asia in the future.
Airlines such as Emirates SkyCargo are also optimistic on Asia, expecting the region's air cargo traffic to stabilize and grow as governments step in to help bolster economies.
<i>Source: Xinhua</i>
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