A prolonged slump in air cargo demand extended to the start of holiday season, as trade tensions and economic growth tempered.
Air cargo demand fell 3.5% in October, the start of the peak season when companies are stocking up inventory for the holiday shopping season, compared with a year ago, marking the 12th consecutive month of declines, the International Air Transport Association said Wednesday.
The U.S.-China trade war, generally slowing trade and weakening economic growth are weighing on demand and setting up air freight volumes this year to be the weakest since the financial crisis, said IATA, a trade group that represents most of the world's airlines. "Air cargo's peak season is off to a disappointing start," Alexandre de Juniac, director-general of IATA and its CEO, said in a release. "It has been a very tough year for the air cargo industry."
Air cargo capacity has outpaced demand for 18 months, IATA said. The Middle East and Asia-Pacific regions posted the sharpest declines, 3.5% and 3.3%, respectively. Europe demand fell 2.3% from October 2018, while demand in North America dropped 2.2%. Latin American volumes fell 1.9%. The industry and investors are eager to see if the U.S. and China can reach a trade agreement with on-again-off-again signals of an upcoming deal.
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