KUALA LUMPUR (Dec 5): Global air freight markets demand, measured in freight tonne kilometers (FTKs), fell 3.5% year-on-year (y-o-y) in October 2019, according to the International Air Transport Association (IATA).

In a statement Dec 4, IATA said this marks a weak start to the traditional peak season for air cargo and the twelfth consecutive month of year-on-year declines in freight volumes.

Meanwhile, it said freight capacity, measured in available freight tonne kilometers (AFTKs), rose by 2.2% y-o-y in October 2019.

It said capacity growth has now outstripped demand growth for the 18th consecutive month.

IATA said over the past year, air cargo has suffered from the effects of the trade war between the US and China, the deterioration in global trade, and a broad-based slowing in economic growth.

IATA director general and CEO Alexandre de Juniac said air cargo’s peak season is off to a disappointing start, with demand down 3.5% in October. 

“Demand is set to decline in 2019 overall - the weakest annual outcome since the global financial crisis. It has been a very tough year for the air cargo industry,” he said.