Global air freight demand fell for the 13th consecutive month in November, according to the latest figures from the International Air Transport Association (IATA).
Demand—measured in freight tonne kilometers (FTKs)—dropped by 1.1% in November 2019 compared to the year ago period.
However, month-to-month analysis shows that November’s performance was the slowest year-on-year rate of contraction since March 2019. Singles Day in Asia and Black Friday contributed in part to November’s improved figures, IATA said.
Signs of a thawing in US-China trade tensions are good news, but trading conditions at present remain very challenging
Freight capacity—measured in available freight tonne kilometers (AFTKs)—increased by 2.9% year-on-year in November, meaning that capacity has outstripped demand for 19 consecutive months.
“Demand for air cargo in November was down 1.1% compared to the previous year. That’s better than the 3.5% decline posted in October. But it is a big disappointment considering that the fourth quarter is usually air cargo’s peak season,” said Alexandre de Juniac, IATA Director General and CEO.
“Looking forward, signs of a thawing in US-China trade tensions are good news. But trading conditions at present remain very challenging.”
Although international e-commerce is on the rise, air cargo demand continues to suffer from trade wars and a broad slowing in global economic growth.
- For the full regional performance, click here