Global air cargo volume continues downwards slide as volumes fall 4.5pc in Sept
GLOBAL airfreight volume, measured in freight tonne kilometres (FTKs), suffered a year-on-year decline of 4
GLOBAL airfreight volume, measured in freight tonne kilometres (FTKs), suffered a year-on-year decline of 4.5 per cent, marking the 11th straight month of decreases as trade disputes weigh down on import and export markets, according to data from the International Air Transport Association (IATA).
The weaker demand coincided with a 2.1 per cent rise in capacity - the 17th month in a row that growth in supply has outstripped demand - further solidifying the buyer's market, reported American Shipper.
The Institute of Supply Management's Purchasing Managers Index shows that new export orders are still contracting, albeit at a slower rate compared to August.
In August, FTKs were down by 4.2 per cent, however, IATA pointed out that on a seasonally adjusted basis, air cargo growth has been relatively flat since March.
The sharpest declines in air cargo volumes happened in late 2018 and early 2019, with the downwards trend having plateaued in the meanwhile. 'If the current trend is continued in the monthly outcomes, the year-on-year growth rate will return to positive territory in the early part of next year,' IATA said in its monthly freight report.
Airlines in Asia Pacific, Europe, North America and the Middle East recorded the biggest declines in year-on-year growth in total air freight volumes in September, while Latin American carriers experienced a more moderate decrease. Africa was the only region to achieve growth in airfreight demand.
The ongoing protests in Hong Kong and ensuing disruptions were said to have exacerbated the 5.9 per cent loss of air cargo in Asia Pacific.