Farnborough Int'l Airshow: Aerospace industry booming amid trade tensions
Updated 12:40, 24-Jul-2018
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03:19
In the UK, the Farnborough International Airshow is due to wrap up this weekend. Hundreds of jetliners have been ordered during the five-day trade show, suggesting that the aerospace industry is shrugging off fears of a global trade war. Our reporter Xi Jia was there to give us more.
Even more orders and commitments made despite growing trade tensions. Leading aircraft manufacturers like Boeing and Airbus are seeing solid sales at the Farnborough airshow this year. According to Bloomberg, Boeing has secured 79 billion dollars from orders of 528 jetliners; Airbus recorded sales of 62-billion dollars for 431 planes. Both companies, exceeding their sales at last year's Paris air show. Under the shadow of a trade war, expectations for this airshow had been muted.
XU GANG MANAGER, AIRBUS CHINA "We know that civil aircraft is a very international industry. The supply chain covers every corner of the world. Protectionism and trade wars will affect the efficiency and cost of the global supply chain."
Despite the unexpectedly upbeat mood seen here, there is still growing concern about global trade tensions. The steel and aluminum tariffs the U.S. imposed on imports from China, EU, Mexico and Canada hit the aerospace industry especially hard.
PAUL EVERITT ADS CEO & FIL CHAIRMAN "I think clearly, as an industry, we are very worried about the prospect of an international trade war. The aerospace and aviation industry has hugely benefited from free trade, but also have greatly facilitated free trade. So for us, any sense of a trade war is unhelpful, because in the end, it undermines each individual country's economic outlook."
Shrugging off fears related to the trade tension for now, the industry itself is seeing a bright future, transformed by new ideas and technologies. Interest on new aerial vehicles like air taxis and supersonic flight may shake the industry in the near future.
PAUL EVERITT ADS CEO & FIL CHAIRMAN "If we going back to 20 or 30 years ago, air travel was for the better off, for the more wealthy, it's now in many countries a democratizing factor, many people can afford to travel. But I think we will see a very similar process in some of these more exotic areas, which I am sure the supersonic travel will start as being something that is accessible only by a relatively small number of people, but the technologies that are created in those markets would make it affordable for the majority over the longer term."
XI JIA FARNBOROUGH, UK "Despite the uncertainties which Brexit and the global trade war is creating, it seems there's still a strong appetite for cutting-edge aircraft. With flying taxis and aerial vehicles or drones being the hot topics in aerospace circles these days, many believe the industry has a compelling future. Xi Jia, CGTN, Farnborough, UK."