UAE as one of World’s Largest International Freight Market by 2017 – IATA

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United Arab Emirates will be amongst world’s top cargo market by 2017 as announced byUAE as one of World’s Largest International Freight Market by 2017 - IATA International Air Transport Association (IATA).
The international group said that the Middle East market will see a strong compound annual Compounded Annual Growth Rate (CAGR) of 3.8 percent in the review period, lead by Africa which is expected to see four percent growth. China will supplant Germany as the second largest freight market in while the US is the biggest.
Globally, IATA predicts that the international freight volumes will grow 17 percent with next five years.
On the latest Airline Industry Forecast, UAE, which will join the United States, China, Germany, and Hong Kong as the top cargo markets, will contribute more than 700,000 tons each to the additional freight volume during the five year period.
Still according to the report, Middle East will portray the strongest international passenger growth in the world until 2017 with the UAE adding almost as many passengers as China. Middle East-based carrier will see passengers increase by a CAGR of 6.3 percent, IATA said.
It added that the UAE, which includes fast-growing airlines Emirates and Etihad, will add 29.2 million passengers over the forecast period, nearly as many as China.