IATA: Airfreight volumes drop 5.6% in February

Although airfreight volumes fell compared to last February, the results were skewed from the impact of the U.S. port strikes in early 2015, which caused a surge in airfreight volumes, along with Chinese New Year falling in February this year.    Global airfreight volumes declined 5.6 percent year-over-year in February, but results were heavily skewed from the impact of the U.S. port strikes in early 2015, which caused a surge in airfreight volumes, along with Chinese New Year falling in February this year, according to the International Air Transport Association (IATA).
   During the first two months of 2016, airfreight volumes fell 1.6 percent year-over-year, but were still 6.3 percent higher than the corresponding period in 2014.
   In February alone, offered freight capacity surged 7.5 percent year-over year, while the average freight load factor declined 5.7 percent to 41 percent compared with the same 2015 period.
   Asia-Pacific airfreight carriers benefited the most from congestion at U.S. West Coast ports last year, resulting in a 12.4 percent decline in airfreight volumes during the month, compared to February 2015.
   Volumes carried by European airfreight carriers fell 2.4 percent year-over-year in February, while Middle Eastern airfreight carriers experienced a 3.7 percent  year-over-year increase in volumes.
   North American airfreight carriers saw volumes decrease 4 percent from February 2015. “The comparative strength of the US economy may help to support inbound freight volumes for North American carriers over the rest of this year,” IATA said. “North American freight volumes rose strongly in seasonally adjusted terms over the final months of 2015 and into this year, relating largely to a sharp rise in imports of electrical machinery by air from Europe. By contrast, though, out-bound freight is struggling with the strong U.S. dollar.”
   Meanwhile, volumes transported by Latin American airfreight carriers in February inched up 2.7 percent year-over-year. Although Brazil, the region’s largest economy, is currently in the worst recession in 25 years, volumes on the North-South America routes are holding up.
   African airfreight carriers saw volumes slip 1.7 percent during the month, compared to February 2015. Nigeria and South Africa, the largest economies in the region, have been hit hard by the slump in global commodity prices over the last 18 months.
   Overall, the Asia-Pacific makes up 38.9 percent of the total freight traffic market share, based on freight ton kilometers, followed by Europe at 22.3 percent, North America at 20.5 percent, the Middle East at 14 percent, Latin America at 2.8 percent and Africa at 1.5 percent.