IATA reports 'sharp declines' in Asia and Middle East cargo volumes in Jul-2019

IATA reported (05-Sep-2019) Asia Pacific and the Middle East recorded "sharp declines" in airfreight volumes in Jul-2019, while Europe and North America recorded "more moderate declines". IATA reported the following regional highlights:

• Africa: Posted the largest growth of any region, continuing the upward trend in FTKs evident since mid 2018. Africa was the strongest performer for the sixth consecutive month. IATA stated "strong trade and investment linkages" between Africa and Asia have supported double digit growth in airfreight volumes between the regions over the past year;
• Asia Pacific: IATA stated the market was "significantly impacted" by the US-China trade dispute and weaker manufacturing conditions for exporters in the region. The region accounts for more than 35% of global FTKs, so its performance is a major contributor to the "weak" industry wide outcome;
• Europe: Recent performance has been impacted by weaker manufacturing conditions for exporters in Germany, heightened recession fears and ongoing uncertainty over Brexit;
• Latin America: IATA said the recovery of Brazil's economy, avoiding a recession, was "a positive development" but concerns remain regarding the outlook for some key countries, including Argentina;
• Middle East: Recorded the largest decrease in freight volumes of all regions. Recent performance was impacted by the slowing in global trade and airline restructuring;
• North America: US-China trade tensions continue to weigh on the region's airlines, despite "a sound economic backdrop supporting consumer spending". Asia-North America freight demand decreased by almost 5% year-on-year. [more - original PR]