The International Air Transport Association (IATA) has released data for global air freight markets showing air cargo volumes measured in Freight Tonne Kilometres (FTK) were down 1.2 per cent in November 2015, compared to November 2014.
Total cargo volumes, however, expanded compared to October 2015, and were higher than the low point in August. This indicates that the decline in cargo demand may be bottoming out, the IATA said.
The negative year-on-year comparisons occurred across all regions with the exception of the Middle East.
Of the major markets that together comprise more than 80 per cent of total trade, Europe was down 2 per cent, North America by 3.2 per cent, and Asia-Pacific by 1.5 per cent.
The comparative weakness in these regions was driven largely because the performance in November 2014 was very strong, according to IATA.
Latin American and African markets also fell, by 6.4 per cent and 6.0 per cent respectively. The Middle East region posted 5.4 per cent growth.
Commenting on the results, Tony Tyler, IATA director general and CEO said: "The freight performance in November was a mixed bag. Although the headline growth rate fell again, and the global economic outlook remains fragile, it appears that parts of Asia-Pacific are growing again and globally, export orders are looking better. In fact, the downward trend in FTK volumes appears to be bottoming out. But there is a great deal of uncertainty. The current volatility of stock markets shows how much the health of the global economy – upon which air cargo depends - remains on a knife-edge."