Global airfreight volumes recovered slightly in April after a sharp fall to a 23-month low in March this year, according to the latest market data released by the International Air Transport Association (Iata) yesterday.
Global airfreight demand rose by 4.1% in April compared to the same month last year, and by 1.8% from March this year. Capacity rose by 5.1% compared to April 2017, the second time in 21 months where capacity has outstripped demand.
African carriers saw freight demand grow by 5.6% in April compared to the same month last year, following a decline of 3.4% in March 2018, while capacity increased by 23%.
However, Iata noted that the pace at which global air freight demand was growing remained significantly slower than in much of 2017.
Iata director general, Alexandre de Juniac, said that the weaker growth in air cargo was primarily due to the end of the restocking cycle – during which businesses rapidly increased their inventory to meet unexpectedly high demand – along with the softening of global trade as evidenced by the slowing in demand of containerised freight in tandem with airfreight.
“We remain cautiously optimistic that demand will grow in the region of 4% this year, but the forecast appears to have increasing downside potential,” he said. “Oil prices continue to rise, as does protectionist rhetoric. Borders open to people and trade drive economic growth and social prosperity [and] we are all disadvantaged when they are closed.”
