The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight tonne kilometers (FTKs), decreased by 4.5% in September 2019, compared to the same period in 2018. This marks the eleventh consecutive month of year-on-year decline in freight volumes, the longest period since the global financial crisis in 2008.
Freight capacity, measured in available freight tonne kilometers (AFTKs), rose by 2.1% year-on-year in September 2019. Capacity growth has now outstripped demand growth for the 17th consecutive month.
Air cargo continues to suffer from:
- the intensifying trade war between the US and China, and South Korea and Japan,
- the deterioration in global trade,
- and weakness in some of the key economic drivers.