The International Air Transport Association (IATA) released data for global airfreight markets showing a fall in air cargo demand in July compared to the same month last year. Airfreight volumes measured in freight tonne kilometers (FTK) fell 0.6 per cent, in line with weaker global economic growth.
The decline was broad-based across all regions with the exception of Africa and the Middle East. The most pronounced falls were in the Americas, where international FTK volumes were down more than 5 per cent compared to July 2014.
“The recent stock-market turmoil shows that investors have real fears about the strength of the global economy,” said Tony Tyler, IATA’s director general and CEO. “And the disappointing July freight performance is symptomatic of a broader slowdown in economic growth. The combination of China’s continued shift towards domestic markets, wider weakness in emerging markets, and slowing global trade indicates that it will continue to be a rough ride for air cargo in the months to come,” Tyler added.
Asia-Pacific carriers saw a fall in FTKs of 1.9 per cent in July compared to July 2014, and capacity expanded 5.3 per cent. The region has experienced notable declines in imports and exports during 2015 with Chinese manufacturing particularly struggling.