Global air freight demand grew at its slowest pace in nearly two years in March as business inventory-replenishing season ended and global trade slowed, the International Air Transport Association (IATA) said on Wednesday.
Demand measured in tonne kilometres rose 1,7% in March compared with the same period last year, five percentage points below the growth rate in February. It was also the weakest reading in 22 months, IATA said.
TAll regions except Latin America reported year-on-year declines in growth in March, the association said.
Available capacity growth fell to 4,4% in March, compared with 6,3% in February. It was the first time in 20 months that annual capacity increased at a faster pace than demand.
However, IATA CEO Alexandre de Juniac said the The outlook for air transport demand in 2018 is optimistic, as consumption is expected to expand by 4-5%, although higher oil prices pose an obvious challenge.
"The biggest damage could be political. The implementation of protectionist measures could become an own goal for all involved, especially the United States and China," he said.
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