The air cargo industry in Asia looks set to endure another relatively slow peak season this year – but Myanmar represents a new bright spot in the region that forward-thinking cargo companies are already eying for future projects.
According to Global Finance reports, compared to the key economies in Southeast Asia, Myanmar is the only market that has shown a steady growth in real GDP since 2010 – and with the “sweeping” democratic reforms that began last year its economy looks likely to continue to climb upward.
Myanmar’s Ministry of National Planning and Economic Development has also reported positive results for the total value in exports and imports by government and private organisations. Total exports increased from $8,861 million to $9,136 million between 2010 and 2012 (with the fiscal year ending in April). Total imports also increased from $6,413million to $9,069 million during the same period.
Since major powers have eased sanctions against Myanmar, the cargo industry could see a surge in imports and exports once investments are translated into actual large-scale projects.
Anton Lomakin from Chapman Freeborn mentioned:“We are expecting bulk of cargo to be transported by sea, but there will certainly be opportunities for air cargo charters, mainly carrying project-related commodities such as high-tech, time-critical and outsize equipment to service remote parts of Myanmar lacking proper logistics infrastructures.