KUALA LUMPUR (April 7): Global air freight markets showing air cargo volumes (measured in freight tonne kilometers or FTKs) suffered a 5.6% year-on-year fall in February, according to the International Air Transport Association (IATA).

In a statement yesterday, the research house said this was heavily skewed due to the impact of the US port strikes in early 2015 (which caused a spike in air freight) and Lunar New Year falling in February this year.

It said comparing January and February 2016 performance to January and February 2014 reveals 6.3% volume in growth—equal to a 3.1% annualised growth trend.

IATA director general and CEO Tony Tyler said the air freight business remains a difficult one.

“February’s performance continues a weak trend.

“And there are few factors on the horizon that would see this change substantially.

“In the absence of an imminent resurgence of demand, the importance of improving the value proposition with modernised processes—the e-freight vision—remains a top priority," he said.

IATA said Asia-Pacific carriers, which carry almost 39% of all air freight, saw FTKs contract by 12.4% year-over-year in February.

It said while this was the largest drop of any region, it also reflected the region’s carriers having benefited the most from the 2015 US port strike.

And the region’s weak trading backdrop was exaggerated by the closure of many factories in Asia for the Lunar New Year Celebration, it said.

IATA said in February Chinese export values fell 25%.