Demand for air freight has made a slow start to the peak season, according to the latest analysis from the International Air Transport Association (IATA).
In October, freight demand fell 3.5 percent compared to the same period 2018, the 12th consecutive month year-on-year decline.
Meanwhile, capacity—measured in available freight tonne kilometres (AFTKs)—outstripped demand for the 18th month in a row, increasing by 2.2 percent in October, compared to the same period in 2018.
IATA Director General and CEO Alexandre de Juniac said that it had been “a very tough year” for those in the air freight industry.
Air cargo continues to suffer from a number of different negative factors, including the US-China trade war, an overall deterioration in global trade, and slowing economic growth across the board.
Alexandre de Juniac, director general and chief executive office, IATA, commented: “Air cargo’s peak season is off to a disappointing start, with demand down 3.5% in October,” adding, “Demand is set to decline in 2019 overall—the weakest annual outcome since the global financial crisis. It has been a very tough year for the air cargo industry.”
In the regional markets, only Africa recorded growth in air freight demand. Airlines in Asia-Pacific and the Middle East suffered a sharp deterioration in year-on-year growth, while Latin American and European carriers felt a more moderate decline.