Air cargo volumes in Asia declined 5.8 percent in October compared with a year earlier, extending the industry’s slump in the world’s largest market, according to the Association of Asia Pacific Airlines.
The association’s member airlines also reduced capacity 6.1 percent n October compared to a year earlier, leaving the average international air cargo load factor almost unchanged at 67.4 percent.
“Global air cargo markets are still depressed, with volumes for the first 10 months of the year 4 percent down on last year’s levels,” said Andrew Herdman, the association’s director general. “Overall, the air cargo market is characterized by weak demand and excess capacity, maintaining downward pressure on rates.”
Asia-Pacific airlines still face a highly challenging operating environment, clouded by uncertainties over the global economic outlook, Herdman said. “Competitive market pressures, and the impact of persistently high fuel prices, have pushed up break-even load factors, and are spurring further efforts to deploy newer more fuel-efficient aircraft, whilst carefully managing overall capacity,” he added.