Global air freight demand dwindling
Global air freight demand decreased by 1.1% year-on-year in November last year, the International Air Transport Association (Iata) reports.
Iata says this marked the thirteenth consecutive month of year-on-year declines in freight volumes.
African carriers posted the fastest growth of any region in November, with a year-on-year increase in demand of 19.8%, on the back of strong trade and investment links with Asia.
European airlines also posted a 2.6% increase in freight demand in the reporting month, compared with November 2018, owing to better-than-expected economic activity in the third quarter of last year.
Asia-Pacific airlines recorded a 3.7% year-on-year contraction in demand for air freight, while Middle Eastern airlines’ freight volumes decreased by 3% year-on-year, mainly as a result of operational and geopolitical challenges facing some of the region’s key airlines.
North American airlines’ air freight demand decreased by 1.1% year-on-year, while Latin American airlines’ freight demand decreased by 3.4% year-on-year, as airlines were impacted on by various social and economic headwinds.
Despite the decline in demand for most regions, the performance of freight volumes in November last year was the best in eight months, while the slowest year-on-year rate of contraction was recorded in March last year.
The freight volumes in November were supported by large e-commerce events such as Singles Day and Black Friday.
Iata explains that while international e-commerce continued to grow, overall air cargo demand faced headwinds, owing to the effects of the US/China trade war, the deterioration in world trade and a broad-based slowing of global economic growth.
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