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Air Cargo Volume Growth, Industrial Production, Chemical Volume Growth and Rail Traffic

"Over the past 13 years’ monthly data, there has been an 84% correlation between air cargo volume growth and global industrial production (IP) growth, with an air cargo lead of one to two months (second graph). In turn, this has translated into a clear relationship between air cargo and chemical industry volume growth" Nomura

Air Cargo and Rail Volume = Leading Indicators of Economic Growth

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