July 2019 IATA Air Freight Market Analysis
Air cargo volumes remain weak, trade tensions dent outlook


Highlights

  • Industry-wide freight tonne kilometres (FTKs) declined by 3.2% year-on-year in July reflecting the widespread softness in world trade and a number of economic indicators.
  • The weakness in air freight volumes remains broad-based across regions in July. While the largest falls came from Asia Pacific and the Middle East, Africa went against the trend to record double-digit year-on-year FTK growth.
  • Growth in industry-wide air freight capacity increased to 2.6% year-on-year in July, but is still well below the average monthly pace (5.3%) in 2018. With capacity continuing to outpace demand, the freight load factor has eased by 2.7 percentage points over the past twelve months.

Africa showed the strongest y-o-y growth
Regional performance generally remained weak in July. International air cargo volumes in the biggest markets deteriorated. Only the smaller markets, such as Africa and Latin America posted growth compared to the prior year. Africa was the standout region again this month, recording a double-digit increase in cargo volumes over the past year, at 11.3%. The strong recent outcomes observed for the Africa region are, in part, related to the strong inbound investment flows, especially from Asia Pacific. Evidencing this, note the strong performance at a route-area level for cargo flows between these two regions.


Air cargo volumes remained weak in July

Annual growth in air freight tonne kilometres (FTKs) remained in negative territory in July, down by 3.2% in year-on-year terms. This is the 9 th consecutive month of year-on-year decline in air freight volumes... Download the full document here. 

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