The growth in the air cargo market has slowed at the start of 2015, according to IATA.
Data covering the global air freight market shows a 3.2 per cent expansion in freight tonne kilometers in January compared with the same month last year. However, the growth is slower than the average of 4.5 per cent in 2014.
Asia-Pacific, African and Middle Eastern airlines showed strong growth, but carriers in Europe and North and Latin America reported a fall in demand.
“January was a disappointing start to the year for air cargo. And it is difficult to be too optimistic about the rest of the year given the economic headwinds in Europe and growing concerns over the Chinese economy,” said Tony Tyler, IATA’s CEO.
“Add to that the continuing trends of on-shoring production and trade protectionism and 2015 is shaping up to be another tough year for air cargo.”
In its report for January IATA noted a decline of business confidence since mid-2014 and that export orders tailed-off towards the end of the year. It also found a reversal of the positive trade-to-domestic production ratio, which boosted cargo volumes last year.