ACI World data shows global air cargo dropping 2.9pc in October
AIRPORTS Council International (ACI) World says the downturn in the global air freight industry continued in October, with volumes declining by 2
AIRPORTS Council International (ACI) World says the downturn in the global air freight industry continued in October, with volumes declining by 2.9 per cent year on year worldwide.
This was an improvement over September's figure of minus four per cent. Year-to-date, the result was down three per cent.
'A weakened freight industry and a moderation in passenger traffic growth was recorded in October which was mostly a continuation of the general trend in 2019,' ACI World director general Angela Gittens said.
'The domestic freight market managed a slight recovery but with the volatile trade environment still present in the global stage, end-of-year results could go either way.
'The possibility of a decline in total freight volumes by year's end, due primarily to international freight performance, however, is fairly assured,' she said.
While global freight volumes shrank by 2.9 per cent, domestic cargo traffic figures were in the black. Growth in the domestic market was 0.7 per cent growth year on year in October, maintaining year to date results in the positive, at 0.6 per cent.
As with September, Europe experienced the least significant decline among the major markets in October. The region's freight volumes decreased by 1.4 per cent, bringing its year to date figure to minus 2.7 per cent.
North America performed similarly on a year-on-year basis, declining by 1.5 per cent. Its year to date growth rate remained higher, however, at minus 0.3 per cent with two months left to the year.
The region's domestic market remained positive, at 2.9 per cent on a year to date basis, but its international market is now drawing closer to the drop experienced by the Asia Pacific region, at minus 4.9 per cent.
The latter fell by four per cent in October, bringing its year to date growth rate to minus 5.5 per cent. Both the domestic and international segments remained in the negative in the Asia Pacific region, although the area's international freight market has suffered the brunt of the losses this year, down 6.2 per cent on a year to date basis.
In line with the global downtrend, Africa, the Middle East and the Latin America-Caribbean region all suffered declines in cargo traffic in October.
Latin America-Caribbean performed much worse, down eight per cent year on year. All of these regions were at a negative rate for the first ten months of the year; Africa was down 0.2 per cent, while the two other regions were both down 3.1 per cent.