DUBLIN--(BUSINESS WIRE)--The "World Air Transport Statistics 2017" report has been added to Research and Markets' offering.
The upward trend in seasonally-adjusted (SA) passenger traffic moderated during the first six months of the year. This was due to a combination of headwinds from numerous terrorist attacks, political instability, and a subdued economic backdrop. Traffic on the Asia-Europe market was particularly sensitive to the terror-related disruption in Europe.
The second half of the year, however, saw an acceleration in the growth trend, with RPKs growing at an annualized pace of nearly 9% between June and December. This pick-up reflected a combination of passengers choosing to disregard terrorist efforts to scare people off travel and tourism as well as a moderate upturn in the global economic cycle. Passenger demand was also supported by lower yields during 2016. Despite the recovery in oil prices during the year, the average price of a barrel of jet fuel in 2016 was 22% lower than in the previous year.
This partly reflects differing hedging practices within the industry, which can delay the impact of oil price movements on airline fuel bills. Jet fuel prices climbed to around $60 a barrel at the end of 2016-nearly twice the-year low-point reached in January 2016, although still much lower than average between 2011 and 2014.
Large shifts in foreign exchange markets meant that movements in global jet fuel prices were not felt evenly across airlines and regions. In a mirror image of the case in 2015, limited recoveries in a number of emerging market currencies against the US dollar-notably the Russian rouble, Brazilian real, and the South African rand-partially shielded airlines in such countries from the full rise in US dollar-based jet fuel prices. By contrast, sharp falls in the Mexican peso and the Turkish lira, exacerbated the rise in fuel prices, particularly in late-2016.
Key Topics Covered:
1. Demand for Air Transport 2016
2. Performance of the Air Transport Industry 2016
3. Rankings 2016
4. Glossary
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