Nowhere is this sluggishness more evident than in the Asia-Pacific. Freight carriers in this region saw volumes plunge 7.6 percent, year-over-year, in July, on a 4.3-percent, year-over-year, capacity drop. These declines, which represent the biggest year-over-year losses seen in any region in July, are even more dramatic than those witnessed in Asia-Pacific in April and June. In fact, IATA said , freight carriers in this region have recorded "virtually no growth" in cargo volumes since the fourth quarter of 2011.
Carriers in North America and Europe have also contended with lower-than-average freight volumes recently. Cargo demand in both regions dipped 3.6 percent, year-over-year, in July, although European carriers reported a more marked contrast between capacity and demand.
