ACI World: 10th bad month for airfreight
Airfreight has declined for the 10th consecutive month, with August falling 5% according to Airports Council International (ACI) World.
All regions of the world declined on a year-on-year basis, with North America proving least bad, only falling 3.2% while Africa was down 10.3%.
Year-to-date freight volumes are down 2.9%, with international freight falling 4.6%, and domestic freight only up 0.9% with a negative outlook due to slowing manufacturing output.
By region, North America suffered its largest monthly loss since February 2013 driven by a sudden downturn in domestic demand, with trade wars and volatile diplomatic relations likely to drag down results in the coming months.
Europe fell 3.7% and Asia-Pacific continues to face the brunt of disruption in supply chains caused by the US-China trade war, and spats between Japan and South Korea, pushing down airfreight by 6.8%.
Latin America-Caribbean was down 5.2% and the Middle East declined by 5.9%.
Angela Gittens, director general of ACI World says: “We remain optimistic that sound diplomatic and policy decisions will prevail providing better conditions for global growth but, with an ongoing economic slowdown and trade wars still prevalent, the outlook for the industry in 2019 remains challenging.”