Signs of a modest recovery for air cargo markets appear to have been premature, with IATA reporting another month of falling volumes.
Freight tonne kilometres decreased by 4.8% in June, the eighth month of year-on-year declines with only Africa seeing an increase.
The International Air Transport Association (IATA) says capacity growth remains subdued and load factors continue to fall.
Globally, trade growth is languishing, and business uncertainty is compounded by the latest tariff increases in the US-China trade dispute.
Alexandre de Juniac, director general and CEO says: “Global trade continues to suffer as trade tensions—particularly between the US and China—deepen. As a result, air cargo markets continue to contract. Nobody wins a trade war. Borders that are open to trade spread sustained prosperity. That’s what our political leaders must focus on.”
Asia Pacific contracted 5.4%, with IATA saying that while the US-China trade war was an important factor, it was not the solely responsible for the fall.
North America fell 4.6% with the US-China trade tensions having an affect but FTKs on Europe, South America and Middle East routes were also lower.
European airlines declined 3.6% with comparatively strong intra-European volumes minimising the impact of weaker German exports.
The Middle East was down 7% with volumes to Europe and Asia Pacific proving particularly weak.
Latin America fell 1% with most of the decline coming from weaker intra-South American markets, especially in Brazil and Argentina.
Africa was the only region reporting growth, up 3.8% with Africa-Asia proving strong, up 12% year-on-year.