Global air cargo demand falls 3.2pc as US-China trade war deepens: IATA
GLOBAL air cargo demand, impacted by the US-China trade war, fell 3
GLOBAL air cargo demand, impacted by the US-China trade war, fell 3.2 per cent year on year in July, according to the International Air Transport Association (IATA).
The global trade markets are measured in freight tonne kilometres (FTKs), said IATA, which released data showing global trade volumes are 1.4 per cent lower than a year ago, reported Xinhau.
Trade volumes between the United States and China have fallen by 14 per cent year-to-date compared to the same period in 2018.
'Trade tensions are weighing heavily on the entire air cargo industry. Higher tariffs are disrupting not only transpacific supply chains but also worldwide trade lanes,' said IATA director general and CEO Alexandre de Juniac, former head of Air France-KLM.
Airlines in Asia-Pacific and the Middle East suffered sharp declines in year-on-year growth in total air freight volumes in July 2019, while North America and Europe experienced more moderate falls.
Africa and Latin America both recorded growth in air freight demand compared to July last year.
Asia-Pacific airlines saw demand for air freight contract by 4.9 per cent in July 2019, compared to the same period in 2018.
IATA said the US-China trade standoff and weaker manufacturing conditions for exporters in the region have significantly impacted the market.
North American airlines saw demand decrease by 2.1 per cent in July, compared to the same period a year earlier. Freight demand between Asia and North America have fallen by almost five per cent.