The International Air Transport Association (IATA) released full-year 2019 data for global air freight markets showing that demand, measured in freight tonne-kilometres (FTKs), fell by 3.3 percent compared to 2018 while capacity (AFTK) rose by 2.1 percent.
Air freight volume in Asia-Pacific declined by 5.7 percent in 2019, the worst decline in any region.
This was the first year of declining freight volumes since 2012, and the weakest performance since the global financial crisis in 2009 when air freight markets contracted by 9.7 percent.In the month of December, cargo volumes contracted 2.7 percent year-on-year while capacity rose 2.8 percent.
Air cargo’s performance in 2019 was dampened by weak growth in global trade of just 0.9 percent. The sector’s underperformance was also due in particular to slowing GDP growth in manufacturing-intensive economies. Softer business and consumer confidence, along with falling export orders, also contributed to air freight struggles.
There are signs that confidence and orders could pick up in 2020. It is too early to say what long-term effects will be seen from the impact of restrictions associated with combatting the coronavirus outbreak.
Why 2020 will be a challenging year for air cargo?
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