Global Airfreight Demand May Have Bottomed Out, IATA Says

Luke Sharrett/Bloomberg News

The decline in global demand for airfreight may be bottoming out, with cargo volumes growing month-on-month in November, the International Air Transport Association said Jan. 11.

Airfreight volumes were down 1.2% in November compared with a year earlier, but total cargo volumes were up when compared with October 2015, IATA said.

"Although the headline growth rate fell again, and the global economic outlook remains fragile, it appears that parts of Asia-Pacific are growing again and globally, export orders are looking better," IATA director general Tony Tyler said in a statement.

• European carriers reported weaker demand in November, down 2.0% compared to a year ago, and capacity rose 2.2%. Comparing November to October, the trend was flat, but there are indications that stronger manufacturing and export orders could support airfreight demand in the coming months.

• North American airlines experienced a fall of 3.2% year-on-year and capacity grew 5.8%. The market remains hard to read. A 0.4% expansion compared to October indicates that air cargo could be recovering. But export indicators are poor, making it hard to be optimistic for the coming months.

IATA represents some 260 airlines that make up 83% of global air traffic.