Asia Pacific airlines saw air cargo demand in freight tonne km (FTK) fall 6.4% year-on-year in August against a backdrop of “diminishing business confidence levels and significant declines in international trade volumes”.
The Association of Asia Pacific Airlines’ (AAPA) latest monthly report indicated “subdued demand conditions,” in August with businesses “remaining cautious” on their inventories, both factors contributing to the “persistent weakness” in demand.
Combined with a 1.1% increase in offered freight capacity, the average international freight load factor in August for the region’s airlines fell by 4.7 percentage points to 58.3% for the month.
Commenting on the results, AAPA director general Andrew Herdman contrasted a sustained 4.3% increase in passenger demand for international air travel among the region's carriers with the persistent slowdown for airfreight.
Herdman said: "Meanwhile, air cargo demand declined by 5.9% during the first eight months of the year, with business confidence deteriorating further in August against a backdrop of heightened global trade tensions.
“Consumer goods markets continued to expand, but demand for intermediate goods fell further, contributing to the decline in air shipments."
