Boeing Co said it expects world air cargo traffic to match its 2007 peak this year after contracting in 2008-2009, aided by increased industrial shipping.

The U.S. plane maker also forecast that global air cargo would grow at a 5.9 percent annual rate over the next 20 years, tripling by 2029.

Freight traffic, which has picked up in the past year, is a good indicator of global trade and economic activity.

Boeing said monthly air cargo traffic statistics turned positive in November 2009, and traffic grew an estimated 24 percent in the first eight months of this year compared with a year earlier.

The company said global cargo activity this year was on pace to reach its 2007 peak after falling nearly 13 percent in 2008-2009 as industrial shipping declined amid the global economic downturn.

Boeing, which makes the 747 and 777 models, also said its research indicates the fleet of freighter aircraft will rise to 2,967 planes over the next two decades, from 1,755 at present.

The company said it released its biennial cargo forecast in Amsterdam. (Reuters)