The International Air Transport Association (IATA) reports that demand in global air freight markets decreased by 3.5% in October compared to the same period in 2018. This marks a weak start to the traditional peak season for air cargo and the twelfth consecutive month of year-on-year declines in freight volumes.

According to IATA, air cargo has suffered Over the past year from the effects of the trade war between the U.S. and China, the deterioration in global trade, and a broad-based slowing in economic growth.

North American airlines saw demand decrease by 2.4% in October and European airlines posted a 1.5% decrease in freight demand. Asia-Pacific airlines saw demand for air freight contract by 5.3%. African carriers posted the only growth with an increase in demand of 12.6% compared to the same period a year earlier.

"Air cargo's peak season is off to a disappointing start, with demand down 3.5% in October. 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," said Alexandre de Juniac, IATA's Director General and CEO.

 

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