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April 2018 IATA Air Freight Market Analysis
Air freight volumes have continued to trend sideways

Annual FTK growth recovered somewhat in April…
Having fallen to a 23-month low of 1.8% in March, year-on-year growth in industry-wide FTKs recovered to 4.1% in April. This outcome reflected a pick-up in freight volumes in seasonally adjusted (SA) month-onmonth terms in April, and broadly reversed the corresponding decline seen in March.

...but traffic has continued to trend sideways

Nonetheless, the mixed demand picture since the end of last year means that the increase in April was just the second rise on a month-on-month basis since December. Indeed, the bigger picture is that FTK volumes have now trended broadly sideways in SA terms since August last year. Unless we see a pick-up in the seasonally adjusted demand trend in the coming months, the implication is that the annual FTK growth rate will slow once again towards mid-2018.

Africa growth jumps back into positive territory 
Meanwhile, year-on-year growth in international FTKs flown by African airlines recovered into positive territory in April (+5.8%, from -3.1% in March). Recall that international FTK volumes flown by African airlines surged by 25% last year. However, FTKs have trended down in SA terms since peaking in late-2017 and are currently at levels last seen in the middle of last year.

Highlights of the April 2018 Air Freight Market Analysis

  • Year-on-year growth in industry-wide freight tonne kilometres (FTKs) recovered to 4.1% in April, having fallen to a 23-month low of 1.8% in March.
  • We continue to expect FTKs to grow in the region of 4% in 2018. However, with volumes now having trended sideways in seasonally adjusted terms for the past eight months, the risks appear to be more on the downside.
  • Annual growth in freight capacity exceeded that of demand in April for just the second time in 21 months.  Download the full document here. 

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