KUALA LUMPUR (Jan 12): Global air freight markets air cargo volumes were down 1.2% year-on-year in November 2015, according to the International Air Transport Association (IATA).

In a statement on its website yesterday, the IATA said total cargo volumes, however, expanded compared to October 2015, and were higher than the low point in August.

It said this indicated that the decline in cargo demand may be bottoming out. 

IATA said the negative year-on-year comparisons occurred across all regions with the exception of the Middle East.

It said of the major markets that together comprise more than 80% of total trade, Europe was down 2.0%, North America by 3.2%, and Asia-Pacific by 1.5%.

The iATA said the comparative weakness in these regions was driven largely because the performance in November 2014 was very strong.

It said the Latin American and African markets also fell, by 6.4% and 6.0% respectively, adding that the Middle East region posted 5.4% growth.

IATA director general and CEO Tony Tyler said the freight performance in November was a mixed bag.

“Although the headline growth rate fell again, and the global economic outlook remains fragile, it appears that parts of Asia-Pacific are growing again and globally, export orders are looking better.

“In fact, the downward trend in FTK volumes appears to be bottoming out. But there is a great deal of uncertainty. The current volatility of stock markets shows how much the health of the global economy – upon which air cargo depends - remains on a knife-edge,” said Tyler.