Nittsu Research Institute and Consulting Inc. (NRIC) has revised upward its fiscal year outlook for growth in Japan’s air cargo trade, to 8 percent and 2.3 million tonnes, but that rate of growth would lag 2016’s estimated expansion of 9.5 percent to 2.2 million tonnes.
NRIC updated its forecast for fiscal 2017, which began April 1, because of higher growth in exports and imports than first thought. The subsidiary of Nippon Express Co. had previously expected Japan’s air cargo trade would grow 7.1 percent. Merchandise exports from Japan this year will increase 8.4 percent to $687.7 billion, and imports will grow 9.2 percent to $636.9 billion, according to IHS Markit forecasts.
Air cargo exports from Japan are expected to jump 9.4 percent from a year earlier to 1.2 million tonnes, and air cargo imports are projected to climb 6.5 percent year over year to 1.2 million tonnes, according to NRIC. NRIC had originally projected export growth of 8.8 percent and import growth of 5.4 percent.
The growth in 2016 was an improvement on the 6.7 percent decline recorded in 2015. In fiscal 2016, air cargo exports are estimated to have increased 13.7 percent to 1.1 million tonnes, and air cargo imports are estimated to have increased 5.8 percent to 1.1 million tonnes.
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