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Following a year in which BMI believes saw increasing volumes in all freight modes, 2014 will signal further growth across the whole of Turkey's freight transport sector in line with our macroeconomic forecasts for the country.

Final-year sales data for 2013 were unavailable as this report was being compiled. Consequently, BMI retains its current forecasts this quarter, although we have now extended our forecast period to 2018. Overall, BMI remains upbeat on the medium-term outlook for the Kuwaiti new vehicle sales market, with the country offering strong growth potential in both the volume and high-end segments.

This year is expected to represent something of a recovery for Japan's freight industry, albeit unremarkably. 2013 saw negligible tonnage growth across the modes and despite the sizeable and prolonged depreciation of the yen, exports actually fell, according to Izumi Devalier, an economist at HSBC, speaking to Bloomberg.

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What bodes well for Kuwait's container ports is our macroeconomic outlook for the country, where high oil prices in recent years have translated into increased spending by the Kuwaiti government. This will boost growth at the Gulf state's ports, both through spending on infrastructure projects impacting on total tonnage throughputs, and consumer spending boosting imports of containerised goods. However, delays to infrastructure projects could hamper tonnage throughput, and a plateauing in oil production has led us to forecast GDP growth of 2.9% in 2014. In line with the slowing economic growth we see a slightly slower pace of growth playing out at Kuwaiti ports.

Global Rail Freight industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2009-13, and forecast to 2018). The guide also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

The outlook for the Saudi Arabian freight transport sector is upbeat. Although some ports saw a contraction in either gross tonnage or container handling, or both, in 2013, 2014 will see these facilities return to growth. It should also be noted that the 2013 contraction followed extraordinary growth in 2012 as the government stimulus package made itself felt. We believe that growth at Saudi Arabian ports will remain strong over the medium term, and the construction of new facilities will serve to strengthen the sector further.

In Ukraine, vehicle production increased 83% year-on-year (y-o-y) in February, to 5,344 units. Following strong growth in January, output has increased 130.8% y-o-y over the year to date, to 8,658 units. We attribute this recent surge to extremely low base effects and resurging exports. BMI does not expect this to continue over the course of 2014, however, as trade with Russia, Ukraine's largest export destination, is likely to be curtailed in the coming months on the back of ongoing political tensions. BMI is increasingly bearish on the country's macro picture and we expect this to deteriorate further. Moreover, BMI maintains a bearish view on the country's manufacturing activity and business environment more generally, and believe this will weigh on output growth.

BMI maintains a cautiously optimistic stance with regards to South Africa's freight transport sector in 2014. Although there are risks to the mining sector from a potential hard landing in China, our Mining desk believes that growth will continue, which bodes well for the rail and port sectors in particular. Imports of containerised goods could struggle to maintain volumes as the rand depreciates against the dollar, though equally this could boost manufactured exports from South Africa. Nevertheless, we have made moderate downgrades to most of our forecasts for the country following the release of full-year 2013 data.

We have upgraded our 10-year average real GDP growth from 3.8% to 4.1%, following the passage of energy sector reform, which we expect will garner significant foreign investment in the coming years. We remain optimistic toward Mexico's long-term growth outlook on the back of a booming manufacturing sector, an increasingly strong private consumer and favourable demographics.

BMI maintains its cautiously optimistic view on the US shipping sector. After estimated contractions in TEU throughput at both the port of Los Angeles and the Port of New York/New Jersey in 2013, we forecast a return to growth in 2014 at both facilities. Our view for gradual strengthening in the US economy through end 2014 continues to play out, driven by a tightening labour market and sustained growth in the cyclical components of the economy, notably the residential housing sector and business investment in equipment. Data have been particularly strong in recent months, and we acknowledge that risks are weighted to the upside.

For 2014, we have a positive outlook for Kenya's ports and shipping sector based on three main factors: reasonable economic growth in Kenya itself; a dynamic East African region (this is important because Mombasa acts as a trade gateway for many of Kenya's neighbouring countries); and finally, continuing signs that Mombasa port's ongoing congestion problems are easing. Granted, there are significant threats to Mombasa's almost monopoly-like role in this part of Africa, but they exist in the long term.

MarketLines' Continental Aktiengesellschaft Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Continental Aktiengesellschaft since January 2007. These reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage.

The primary issue in Indian shipping continues to be the state of the nation's ports. Investment in the 12 major state-run facilities has not kept up with the demand engendered by the rapid economic growth experienced in India over the past decade. This is leading to repeated issues of congestion in the ports, but investment is now being made. However, this may be a case of too little, too late. Further, Indian ports' troubles have been compounded by a fall in demand in the eurozone, which has contributed to a fall in container throughput at many facilities in recent months. It is hoped that the projected return to growth in the currency bloc in 2014 will result in throughput growth returning to the major Indian ports.

In 2014, BMI forecasts 5.7% growth in total vehicle sales in the UK, coming from a 5.6% increase in the passenger car segment and 6.3% rise in commercial vehicle (CV) sales.

We forecast fairly modest growth in Israel's freight transport sector in 2014, though this will be an improvement for air and rail freight volumes, both of which have suffered declines in recent years. The major port of Ashdod also suffered an estimated fall in volume handling in 2013. Political risk from the civil war in Syria and escalating sectarian tensions in Lebanon could all weigh on the Israeli economy and its freight transport sector (though this also presents transit opportunities). However, with the eurozone set to return to growth following two years of economic contraction, Israel could see a boost in its export volumes. The country is looking towards the future, and is committed to developing its ports, though this brings with it strike risk from workers disgruntled at the planned privatisation of key facilities.

India's state-run major ports continue to be the underperformers in the BRIC country's freight transport infrastructure, with volumes at many facilities struggling to grow. Ports have also been harmed by a ban on iron ore mining, and a fall in exports to Europe. A case in point is the Jawaharlal Nehru Port, India's largest in terms of containers handled, which has seen a decrease in its box throughput as it continues to chase the elusive fourth terminal. We see strong growth potential in the air freight sector, however, as air freight and logistics companies look to capitalise on India's growing pharmaceuticals export market, though national carrier Air India will struggle to take on this mantle given its financial constraints. The opening up of the air sector to foreign players could provide a boost to the market.

Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects that growth will continue over the medium term. If there are continued instances of industrial unrest and strikes, however, as Kuwait's ports have struggled with since the Arab Spring of 2011, then we may have to revise our forecasts down. The air freight sector was also hit in 2011, with volumes falling. We forecast slow but steady growth in Kuwaiti air freight over the medium term.

Thailand's political stalemate has had a devastating impact on economic growth, and with no signs of a possible resolution in the near term, we expect economic activity to remain depressed in H114. Latest data published by the Bank of Thailand (BoT) showed that the Thai economy expanded by 0.6% year-on-year in Q413, translating into full year growth of just 2.9% for 2013. Crucially, we highlight the sharp contraction in gross fixed capital formation (GFCF) and private consumption in Q413 (-11.3% and -4.5% y-o-y, respectively), which suggests that businesses and households are keeping their spending plans on hold as they await further clarity on the political situation.

V-Shaped Recovery Taking Shape In Estonia

MarketLine's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage.

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