Between 2010 and 2014, the global economy — including the UK economy — continued to gather momentum, which in turn has seen a rise in the volume of global trade. This trend has proved particularly beneficial to enterprises engaged in the freight forwarding sector, which is now being increasingly replied upon to facilitate this growing global trade.
For the purposes of this Key Note Report, the market has been broken down into two sectors: freight forwarding and freight transport services. The latter has been further broken down into four subsectors: international rail freight, international road freight, international sea freight and international air freight.
Over the 5-year review period between 2010 and 2014, Key Note forecasts that the combined UK market for international freight services grew in value by 36.2%. Broken down by sector, performance has been mixed. Although freight forwarding and international road freight have performed well, sea freight and air freight have both exhibited declines over the period.
The market for freight forwarding is hugely dependent on the volume of global trade apparent between countries. As such, the market has benefitted considerably in recent years from the growth in global imports and exports, both of which had been diminished by the 2008/2009 global recession. However, despite the apparent economic improvements seen in the UK in recent years uncertainty remains, and the global economy is still yet to return to full normalcy.