In October, worldwide cargo volumes fell 4.7 percent, year over year, according to International Air Transport Association data. IATA officials believe this figure reflects shippers' increasing dependence on ocean freight as a means to cut costs and freighter fleet-reduction measures among airlines.
"Since mid-year, the market has shrunk by almost 5 percent, and this is far greater than the 1-percent fall in world trade," IATA director general Tony Tyler said. "Airfreight is among the first sectors to suffer when businesses confidence declines."
Freight load factor was also down considerably in October, highlighted by a 5-percent, year-over-year decline.
