Nomura's air cargo volume index, which correlated with global industrial activities with correlation at 0.84, is pointing to another decline after a positive blip in June.
The latest reading of Normura's air cargo indicator showed a 6.1 per cent decline in July compared to the same month a year earlier, after improving from a year-on-year decrease of 7.6 per cent in May to a drop of 2.5 per cent year-on-year in June.
A report by Business Insider added that China's capacity utilisation has dropped to 60 per cent, demonstrating that there is overcapacity in the market.