Changi looks to South West Pacific and North East Asia pharma trade for growth
Singapore's Changi Airport saw cargo volumes hit a yearly high in October thanks to strong perishables and pharmaceutical traffic.
Over the first three quarters, cargo at the airport has increased by 5.5 percent year-on-year (y-o-y) to 1.44 million tonnes. Pharmaceutical trade grew at 19 percent y-o-y over the first nine months, while perishables grew by 11 percent.
Lim Ching Kiat, managing director, air hub development, Changi Airport Group, said, "Pharmaceuticals is among our fastest growing cargo segments, registering a 19 percent year-on-year growth in the first nine months of 2016. We are also the first airport in Asia to embark on a community approach for IATA CEIV Pharma."
The South West Pacific and North East Asia regions account for 45 percent of the total share of pharmaceutical cargo moving though the Changi Airport. Australia, China and India were Changi's top three pharmaceutical markets by volume, over the first three quarters. Markets showing strongest growth for the period were China (up 51 percent), Vietnam (up 35 percent) and Hong Kong (up 32 percent).
Global spending on pharma cold chain logistics is projected to grow at 8-9 percent per year, totaling US$16.7 billion by 2020. A large part of this growth is projected to take place in Asia, with more than $1.2 billion of cold-chain growth through 2019.
Article By Air Cargo World.com