BRITISH consultancy Transport Intelligence (Ti) says the forwarding market is expected to improve 12 per cent in value in 2021 compared to last year.
Airfreight forwarding grew 26 per cent, a 'much faster pace' than seafreight which grew by a 'still strong' 10.3 per cent, reported London's Air Cargo News.
'Strong recovery in the forwarding market has been built on a base of fiscal support packages implemented throughout 2020 and the reopening of economies which boosted consumer demand in H1 2021,' Ti said.
The growth will also make the forwarding market 2.3 per cent larger than the pre-pandemic year of 2019 and was driven by a strong first half, which improved by 19 per cent.
'Rapidly recovering consumer demand promoted a surge in global trade, resulting in very low inventory levels which shippers have been working to replenish amid a market with severe capacity constraints.
'This has led to high demand for airfreight services throughout 2021 and especially in the first half of the year.'
The airfreight market also continues to benefit from improved cost-competitiveness relative to seafreight, despite historically high air freight rates, Ti said.
IATA figures show that the average price to move air cargo was 12.5 times more expensive than sea shipping before the Covid crisis, whereas in September 2021 it was only three times more expensive.
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Airfreight forwarding grew 26 per cent, a 'much faster pace' than seafreight which grew by a 'still strong' 10.3 per cent, reported London's Air Cargo News.
'Strong recovery in the forwarding market has been built on a base of fiscal support packages implemented throughout 2020 and the reopening of economies which boosted consumer demand in H1 2021,' Ti said.
The growth will also make the forwarding market 2.3 per cent larger than the pre-pandemic year of 2019 and was driven by a strong first half, which improved by 19 per cent.
'Rapidly recovering consumer demand promoted a surge in global trade, resulting in very low inventory levels which shippers have been working to replenish amid a market with severe capacity constraints.
'This has led to high demand for airfreight services throughout 2021 and especially in the first half of the year.'
The airfreight market also continues to benefit from improved cost-competitiveness relative to seafreight, despite historically high air freight rates, Ti said.
IATA figures show that the average price to move air cargo was 12.5 times more expensive than sea shipping before the Covid crisis, whereas in September 2021 it was only three times more expensive.
SeaNews Turkey