Here are five important global airfreight trends that all shippers should be aware of as the market moves past 2019 and pins its hopes on recovery during the year ahead. Challenged by the ongoing trade and tariff wars, the global airfreight market is in the midst of a 10-month-long slump, the International Air Transport Association (IATA) reports. Measured in freight tonne kilometers (FTKs), industry volume contracted by 3.9% in August (the latest available figures) compared to the same period in 2018. Airfreight capacity, measured in available freight tonne kilometers (AFTKs), rose by 2% year-over-year in August 2019. That means capacity growth has now outstripped demand growth for the 16th consecutive month. This marks the tenth consecutive month of year-on-year decline in freight volumes, the longest period since the global financial crisis in 2008, IATA notes. “This is deeply concerning,” IATA’s Alexandre de Juniac said in a press release. “And with no signs of a détente on trade, we can expect the tough business environment for air cargo to continue. Trade generates prosperity. Trade wars don’t. That’s something governments should not forget.” 5 Airfreight Trends to Watch in 2020 From his vantage point as DB Schenker’s Head of Airfreight, Region Americas, Asok Kumar has seen firsthand the ups and downs that the global airfreight market experienced in 2019. From excess capacity, to lower freight volumes, to the ongoing trade wars, the market as a whole simply wasn’t able to catch a break this year. Hopeful about a possible recovery in 2020, Kumar is keeping an eye on these five trends, which he tells all shippers to watch as we move into the new year:
What’s Ahead? Cautiously optimistic about the industry’s potential in 2020, Kumar said most market indicators are predicting another challenging year for the airfreight sector. “From the market data we’re seeing and the feedback that we’re receiving, it looks as if we might see some improvement over 2019,” said Kumar. “There are definitely a lot of external factors that will play into it, so we’ll just have to wait and see.” What’s Ahead for Global Airfreight in 2020? syndicated from https://topmoversblog.wordpress.com/ via Tumblr What’s Ahead for Global Airfreight in 2020?
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