Since June, air cargo volumes have slumped almost 5 percent even though world trade overall is only off by 1 percent. IATA attributed the difference to purchasing managers cutting air freight and switching to cheaper, slower transport modes in anticipation of weaker economic activity. Ocean transport is also boosted by high demand in Asia for bulk commodities and strong industrial output.
Asia-Pacific airlines have felt the brunt of the air cargo slump because the region’s manufacturing base is producing less.
More capacity is entering the market with the addition of new wide-body passenger aircraft, despite cutbacks in freighter fleets, resulting in load factors that are more than 5 percent less than their peak in 2010. Utilization has fallen below pre-recession levels, IATA said.
Waning confidence in the global economy has not impacted passenger travel yet, with worldwide passenger levels up 3.6 percent year-over-year in October. But IATA warned that a slowdown in passenger growth is expected in the coming months.
