The Middle East air freight segment led the way as the only market showing positive growth in November with demand expanding by 5.4 per cent, and a capacity rise of 9.2 per cent, said the International Air Transport Association (Iata).

However, the rate fell to less than half the 11.9 per cent average growth for the year-to-date, according to the data for global air freight markets showing air cargo volumes measured in Freight Tonne Kilometres (FTK).

African carriers experienced a fall in demand of 6.0 per cent, and capacity rose by 6.6 per cent. Africa remains one of only three regions (with Asia-Pacific and Middle East) to record positive year-to-date growth for 2015. Demand is holding up despite the underperformance of Nigeria and South Africa.

Globally, air cargo volumes 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, Iata said.

Of the major markets that together comprise more than 80 per cent of total trade, Europe was down 2.0 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. Latin American markets also fell by 6.4 per cent.

“The freight performance in November was a mixed bag,” said Tony Tyler, Iata’s director general and CEO.

“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,” he added. – TradeArabia News Service