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Air Freight is Fastest Growing Segment of U.S. Cargo Economy; New Study Tracks Trends in $29 Billion Dollar-A-Day Cargo Industry
Air Freight is Fastest Growing Segment of U.S. Cargo Economy; New Study Tracks Trends in $29 Billion Dollar-A-Day Cargo Industry
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Tuesday, June 22, 2004 - Air freight has been the fastest growing segment of the American cargo industry according to a new report released today by the U.S. Department of Transportation's Bureau of Transportation Statistics. The report, titled Freight Shipments in America, shows that the total value of air freight moved in the United States doubled from 1993 to 2002 and now totals $2.7 billion a day, growth that was faster than any other segment of the cargo industry.
"Cargo is one of the fastest growing segments of the U.S. economy," said Secretary of Transportation Norman Y. Mineta. "Now we know exactly how much transportation is literally moving the American economy every day."
The overall cargo industry has seen tremendous growth over the past decade. Between 1993 and 2002, the total amount of freight transported in America grew 18 percent to 16 billion tons while the total value of that freight grew 45 percent to $10.5 trillion. The news was even better for movers of smaller parcels. There was a 56 percent increase in the value of under 500 pound shipments from 1993 to 2002.
"Reliable transportation data shapes policy and drives good investments in transportation systems," said Secretary Mineta. "Understanding the role freight plays in our economy is crucial if we are going to sustain today's fast-growing economy in the years ahead."
The report presents the latest information on freight movements in the United States. Based on a comprehensive survey, it describes the freight American businesses transported in 2002 and relates these shipments to trends in the U.S. economy. The report also freight trends by form of transportation, type of commodity, distance shipped and shipment size.
The Freight Shipments in America report was released today during a news conference at the Louisville International Airport. The airport today received a $6.2 million grant to expand its cargo runway and improve the roads used to move cargo into and out of the airport.
To view a copy of Freight Shipments in America, or for more information about the new study, see the Department's Bureau of Transportation Statistics website, www.bts.gov. The numbers released today in "Freight Shipments in America" are preliminary. Final numbers will be released later in 2004.
Freight Facts from the Bureau of Transportation Statistics
June 22, 2004
- Shipments on a Typical Day:
- By weight: 43 million tons
- By value: $29 billion
- By ton-miles: 2 billion ton-miles
- Freight shipped in the United States in 2002:
- By weight: nearly 16 billion tons
- By value: almost $11 trillion
- By ton-miles: about 5 trillion ton-miles.
- Freight shipments in the U.S. grew steadily between 1993 and 2002:
- By weight: 18 percent — 13 billion to 16 billion tons
- By value: 45 percent — $7.2 trillion to $10.5 trillion
- By ton-miles: 24 percent — 3.6 trillion to 4.5 trillion
- Trucking moved the most:
- By value: 64 percent
- By weight: 58 percent
- By ton-miles: 32 percent
- Smaller shipments — less than 500 pounds — grew 56 percent by value from 1993 to 2002, the most of any size. Faster growth of smaller shipments supports efficient just-in-time inventory systems.
- Value of freight moved by air-truck combinations virtually doubled from 1993 to 2002. Almost $1 out of every $13 shipped in the U.S. is by air-truck combination.
- Shipments by parcel, postal, or courier service grew more than 80 percent by value from 1993 to 2002, reaching $39,000 per ton.
- $1 out of every $10 of freight goods shipped in 2002 was electronic, electrical, and office equipment — $948 billion.
- Typical freight shipment traveled nearly 40 percent farther in 2002 than in 1993 — 590 miles versus 420 miles.
- During the past three decades, freight transportation has become more productive.The freight system moves fewer ton-miles compared to total GDP than in 1970.
- In 2003, the nation's transportation network carried nearly $2 trillion worth of U.S. international freight ($724 billion exports and $1,259 billion imports) or almost one-fifth of the nation's overall freight activity by all modes.