Aviation, Manufacturing markets see robust growth in China, India
February 1, 2010

Emerging strongly from the global financial crisis, Asian economies, led by India and China have had a record growth in the industrial sector.  Riding high on their successes, Asian’s ploughed back growth and profits into their own economies. On Monday, the International Air Transport Association (IATA), the industry’s main trade body announced that air travel within the Asia-Pacific region last year surpassed North America for the first time.

Now, China’s isn’t only the world’s largest car market, it is also the world’s strongest single aviation market. 647 million passenger’s travelled within the region last year, 7 million more than the US, Canada and Mexico combined. The IATA is forecasting an extra 217 million journeys each year in the APAC region by 2015.

The growth in aviation, is spurring aircraft manufacturers to pour more into the region. Boeing, is forecasting a demand for 8,900 new aircraft of all types valued at US$1,100 billion in Asia-Pacific during the next 18 years. As compared to forecast demand for 7,690 aircrafts in North America, worth US$680billion.

It’s not only Asia’s aviation sector that’s booming. A month after China surpassed Germany as the world’s largest exporter, and India recorded almost 10 percent growth in exports to US$14.6billion in December, from a year earlier, manufacturing has picked up as well. The HSBC China PMI, compiled by Markit Economics, rose to a record 57.4 in January, up from 56.1 a month earlier. Similarly, India’s HSBC PMI rose from 55.6 in December to 57.7 in January, the strongest level since August 2008. A reading of more than 50 reflects expansion.

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