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 kilometres (FTKs)—dropped by 1.1 percent 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, according to IATA.
Freight capacity—measured in available freight tonne kilometre (AFTKs)—increased by 2.9 per cent 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 per cent compared to the previous year. That’s better than the 3.5 per cent decline posted in October. But it is a big disappointment considering that the fourth quarter is usually air cargo’s peak season,” commented Alexandre de Juniac, director general and chief executive officer, IATA.
“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.