|
|
 |
|
Viewing report
|
|
|
|
Israel Freight Transport Report Q1 2011
Business Monitor International, Dec 2010, Pages: 30
Israel Freight Transport Report provides industry professionals and strategists, corporate analysts, freight transportation associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Israel's freight transportation industry.
In late July 2010, the Central Bureau of Statistics revised down GDP growth to 3.4% for the first quarter of 2010, from a previous estimate of 3.6%. Israel's GDP grew at a rate of 4.4% in the fourth quarter of 2009, and grew at a rate of 3.9% in the third quarter of 2009. The Bank of Israel revised downward the index for April and May to zero for each month, from gains of 0.1%. The combined state of the economy index for June shows an increase of 0.1% in June 2010, this indicates slow economic growth. These figures show that the economic recovery in Israel was on hold for the first part of the year and that the Israeli freight transport companies cannot rely on an immediate recovery in the economy to turn their businesses around. Most economists think that growth in Israel will slow down for the rest of the year due to Europe's debt crisis and a slower US economy. Europe and the US are Israel's main export markets, and economic troubles in those markets impact Israeli exports, which account for around 45% of GDP.
Zim Integrated Shipping Services was badly hit by the economic crisis in 2009 suffering a loss of US$186mn in Q209, which turned into a net profit of US$3mn in the same period in 2010. Zim's revenues in Q210 increased by 72% year-on-year (y-o-y), reaching US$933mn. Zim capitalised on this reversal of fortunes by launching new services to emerging markets in Asia such as Vietnam. El Al Israel Airlines posted a 245% increase in its third quarter net profit as passenger and cargo revenue rose. Net profit in the quarter increased to US$42.5mn from US$12.3mn a year earlier. Revenue rose 13% to US$561.2mn on higher passenger traffic and an increased yield per passenger per kilometre. Cargo revenue grew 34%. Net profit was also boosted by a decline in financing expenses. In 2009, El Al was hit by the global financial crisis, a moribund cargo market and lower fares.
BMI is predicting real growth in total trade of 8.8% for 2010 and export growth of 10%. The main port of Haifa is expected to have growth of 5.5%, while Ashdod will spring back with 24.7% growth. Airfreight is expected to recover with a 13.9% growth rate. This is solid progress compared with the contraction of – 17.6% for airfreight in 2009 and a fall of throughput of -12.7% at Haifa and -5.9% at Ashod. The main risk to this recovery is that four of Israel’s main trading partners are in the euro zone and an increased economic crisis in these countries would badly hurt Israel’s recovery.
Product samples
A sample for this product is available. Please Login/Register to download this sample.
|
|
|
|
