CARGO switched from sea to air last year, closing the price gap causing air freight grow twice as fast as seafreight, reports London's Loadstar.
The UK's Transport Intelligence's Ti Research, said global forwarding grew 11.2 per cent in 2021 to US$284.9 billion, its strongest growth since 2011. Ti also noted global trade grew 13 per cent to a record high of $28.5 trillion.
The strong growth in international trade in 2021 was mainly the result of pandemic restrictions being phased out, and surging demand for goods encouraged by government support schemes and economic stimulus packages introduced in many countries,' said the Ti report.
'Factors such as the expansion of the e-commerce industry and the rise of free trade agreements have also been contributors to the growth of the global digital freight forwarding market,' it said.
Air freight grew by 14.9 per cent - double the rate of seafreight - to reach a nominal value of $128.2 billion. Ti said this was driven by strong demand for PPE towards the end of the year, as well as supply chain bottlenecks in sea and land transport.
In seafreight forwarding, Ti noted how growth opportunities were lost due to 'a shortage of carrier capacity and port congestion'. As a result, the market grew by 6.6 per cent, to $156.5 billion, while freight rates were up 69.8 per cent, due to demand being 'considerably higher than available capacity'.
Port congestion, said Ti, had created a 'mismatch between supply and demand' and slowed growth in the sea freight market.
SeaNews Turkey
The UK's Transport Intelligence's Ti Research, said global forwarding grew 11.2 per cent in 2021 to US$284.9 billion, its strongest growth since 2011. Ti also noted global trade grew 13 per cent to a record high of $28.5 trillion.
The strong growth in international trade in 2021 was mainly the result of pandemic restrictions being phased out, and surging demand for goods encouraged by government support schemes and economic stimulus packages introduced in many countries,' said the Ti report.
'Factors such as the expansion of the e-commerce industry and the rise of free trade agreements have also been contributors to the growth of the global digital freight forwarding market,' it said.
Air freight grew by 14.9 per cent - double the rate of seafreight - to reach a nominal value of $128.2 billion. Ti said this was driven by strong demand for PPE towards the end of the year, as well as supply chain bottlenecks in sea and land transport.
In seafreight forwarding, Ti noted how growth opportunities were lost due to 'a shortage of carrier capacity and port congestion'. As a result, the market grew by 6.6 per cent, to $156.5 billion, while freight rates were up 69.8 per cent, due to demand being 'considerably higher than available capacity'.
Port congestion, said Ti, had created a 'mismatch between supply and demand' and slowed growth in the sea freight market.
SeaNews Turkey
