A prolonged down-cycle in the air cargo market has taken a heavy toll on demand for new freighter aircraft, with Airbus receiving zero orders so far this year. “We will see a pick-up in buying once the surplus in freighter aircraft is absorbed,” Andreas Hermann, Vice President Freighters for Airbus, told reporters at a press conference in Hong Kong. Airlines are now focusing on finding cargo to fill the excess capacity of their existing fleets, and getting rid of old freighter aircraft, rather than on expanding their fleets, said Hermann, who added that he expected equilibrium to be restored as soon as the end of next year. The International Air Transport Association (IATA) reported that total air cargo revenues for the year declined to the level of 2007 – USD59 billion – and to achieve similar revenues carriers had to carry 17% more cargo, while also coping with a 40% rise in jet fuel. Airbus is upbeat on prospects for long-term cargo demand, however, and projects global air freight traffic to grow by an average of 4.8% annually over the next 20 years to more than 500 billion ton-kilometers. Some 80% of the traffic will originate in, or be destined for, emerging markets, while the rest will be between developed economies. Freight traffic from, to and within the Asia-Pacific will grow at the fastest pace of 5.5%. The Asia-Pacific will further dwarf North America as the biggest market when its share of total traffic rises to 41% in 2032 from 36% now, while North American traffic will drop to 24% from 30%. Airbus sold five freighters in 2012 after selling seven in 2011.