Air cargo volume dropped 4.8 per cent in June, marking the eighth straight month volume either declined or remained essentially flat year-over-year, according to data released this month by the International Air Transport Association (IATA).
IATA previously forecasted an average annual growth rate of zero in 2019, which the group now says “looks optimistic” as negative numbers take hold in the industry and signs of a deal between China and the US remain elusive. “The risk of further deterioration in global trade remains a key risk to the outlook for air cargo,” the report notes.
US goods exported to China were down 18 per cent for the first half of the year and imports from China were down more than 12 per cent, according to US Bureau of Economic Analysis numbers cited by IATA.