World Economy

Farnborough Airshow Announces $192b in Orders

Farnborough Airshow Announces $192b in OrdersFarnborough Airshow Announces $192b in Orders

England’s Farnborough airshow this week saw deals worth $192 billion, a jump of more than 50% compared to 2016, in a sign of “confidence in global trade”, organizers said Saturday.

The biannual air industry gathering recorded more than 1,400 commercial aircraft orders, valued at $154 billion, alongside at least 1,432 deals for engines worth $21.96 billion, AFP reported.

The total is an increase of $67.5 billion on the last airshow two years ago, with the mile-high rivalry between Boeing and Airbus—who made the majority of plane orders—swelling sales.

US aviation giant Boeing announced 676 orders, totaling $92 billion at list prices, as of Thursday, while its European competitor had unveiled 431 orders worth $70 billion.

Big wins for Boeing sales chief Ihssane Mounir included orders and commitments for 53 large widebody freighter jets, 52 787 Dreamliners, and 110 of the largest member of the 737 family, the MAX 10.

The buzz around the airshow was all about Boeing’s proposed new plane, the NMA or 797. What’s the market for it? Can Airbus stymie it with the A321neo and A330neo? Boeing said it’s working intensely on the concept but revealed no new details.

Boeing did use Farnborough to highlight its proposed agreement with Brazilian regional jetmaker Embraer to take over 80% of its E-jet line-up and to extend collaboration between the companies in other areas.

Embraer had been lagging in sales this year, but gained considerable momentum at Farnborough with orders and commitments for 126 E-jets.

But Boeing must wait until late next year before taking over that portfolio.

New Airbus sales chief Eric Schulz, at his first airshow since being appointed to replace longtime sales legend John Leahy, actually had a new small jet family to show off and to sell.

The new Airbus A220, formerly the CSeries taken over from Bombardier on the first of this month, made a successful debut. With 120 commitments in less than two weeks since Airbus took over, prospects look good for this jet family.

Britain’s defense minister, Gavin Wiliamson, unveiled a model of a new jet fighter, called ‘Tempest’ at the Farnborough Airshow.

“The major deals announced this week demonstrate how confident the aerospace industry is and the role of Farnborough as an economic barometer,” said Farnborough international chief executive Gareth Rogers.

The show attracted its most global attendance ever with around 100 countries represented and a record Chinese presence, Farnborough said in a statement.

There was also a near-10% rise in trade visitors compared to previous years, with more than 80,000 visitors passing through the gates, it added.

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