Preliminary traffic figures for the month of November released by the Association of Asia Pacific Airlines (AAPA) showed ongoing weakness in Air Cargo markets, contrasted by robust growth in international air passenger demand.

Air cargo demand, in freight tonne kilometre (FTK) terms, declined by 2.4 per cent in November, with key manufacturing economies experiencing soft market conditions as a result of the slowdown in international trade. After accounting for a 1.8 per cent expansion in offered freight capacity, the average international freight load factor fell by 2.9 percentage points to 65.7 per cent for the month.

Commenting on the results, Andrew Herdman, AAPA director general said: “Growth in air cargo demand narrowed to a 1.8 per cent increase for the first eleven months of the year, dampened by the general slowdown in global trade. Air passenger demand remains strong, supported by affordable airfares resulting from persistently low oil prices. Less encouragingly, the air cargo business is suffering from the effects of market weakness in major trading economies, signs of inventory overhang and excess capacity.

“Overall, the region’s airlines are focused on responding appropriately to evolving patterns of market demand, whilst making efforts to increase operational efficiency and boost profitability.”