Air freight volumes measured in freight tonne kilometres (FTK) fell 0.6 per cent in July in line with weaker global economic growth. Nevertheless, figures from the International Air Transport Association show that for the year to date the market is up 2.9 per cent on last year.
“The recent stock-market turmoil shows that investors have real fears about the strength of the global economy. 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,” said Tony Tyler, IATA’s director general and CEO.
Middle Eastern carriers saw the strongest growth with demand expanding by 10.8 per cent, and capacity rising 18.3 per cent.
But 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.
European carriers reported a fall in demand in June of 1.5 per cent compared to a year ago and capacity rose 3.9 per cent. North American airlines experienced a decline of 3.7 per cent year-on-year and capacity grew 5.4 per cent.