Airports Council International (ACI), the trade association of the world’s airports, reports that the global air freight industry continued to decline with global volumes falling by -5% in August on a year-over-year basis. ACI’s year-to-date figure is now -2.9% and the results marked a 10th consecutive month of negative growth.
ACI notes that the domestic freight market, which had remained relatively robust in recent months despite the global macroeconomic headwinds, posted a decline in August. It lost -1.3%, down four percentage points from July’s +3.3%. Year-to-date results reached +0.9%, from +1.5% one month prior, with a fairly negative outlook for the rest of the year due to slowing manufacturing output.
The international freight market continued its decline during the month, falling by -6.6% on a year-over-year basis. Year-to-date stood at -4.6% for the first eight months of the year.
North America, which has been the most successful major market in resisting the decline of the freight industry, fell by -3.2% in August. The decrease represented the region’s largest loss since February 2013 and was driven mostly by a sudden downtrend in its domestic market.
Europe fell by -3.7% in August, bringing year-to-date growth to -2.9%, still in line with the world average. Asia-Pacific continued its decline, falling by a substantial -6.8% during the month.
Latin America-Caribbean, the Middle East and Africa all posted declines of more than -5% in August, at -5.2%, -5.9% and -10.3% respectively. The latter, which had escaped the general downtrend for most of 2019, saw its year-to-date results fall to +0.7% during the period. Latin America-Caribbean reached -2.2% for the same time frame, and the Middle East followed with -3%.
Source: ACI< Return