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            september 22, 2019

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Global air cargo down 16.5pc


Global air cargo volume in June fell 16.5 per cent year on year, but was six per cent higher than it was in its worst month of December, according to the International Air Transport Association's (IATA) figures.
"Freight ton kilometres flown on international markets remain exceptionally weak. However, the level of airfreight volumes has risen six per cent above the December low point. This reflects the bottoming out of the global recession," IATA said.
Asia-Pacific experienced and air freight decline of 15.8 per cent in June, which was better that the 18.1 per cent fall suffered in May.
But European and North American air carriers continued to suffer with June volume declines matching May's or getting worse. "Unlike Asia the economic recovery, North America and many European economies are being held back by high consumer debt and weak asset prices, causing consumer retrenchment and little increase in spending," IATA said.
Cargo yields are expected to remain low, given the excess capacity that has been created in freighter and combo-carriers by slackening passenger and cargo demand, reported American Shipper. The limited recovery in air cargo the past couple months won't be enough to overcome that pressure, IATA said.
"We know freight yields fell by 17 per cent in the first quarter, reducing revenues by over 35 per cent," the report said. "A further decline in yields during the second quarter is likely to have limited to benefits to revenues from the move up in freight demand."

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