GLOBAL air cargo load factors continued to rise during the first 11 months of 2019, setting the scene for a potential market rebound in 2020.
According to the latest analysis from WorldACD, load factors have increased steadily since August, up 2-2.5 per cent during September, October and November.
The most notable factor in the November results was the continuing growth in air freight volumes in China and Hong Kong. The two locations together increased their outgoing volumes by 4.6 per cent in October and November, reported American Shipper.
"Main engines behind this growth are the destinations Europe and the Middle East and South Asia (MESA), but exports to North America decreased," the analyst was cited as saying.
High-tech was the fastest growing export product category in China and Hong Kong. "The origin Asia- Pacific as a whole, whilst more than five per cent down for the year 2019, did not show a year-over-year decrease in November," noted the analyst.
"All other origin regions except one, also showed a better year-over-year performance in November than in the 10 months before. That one exception was Europe; minus 5.1 per cent year over year for the year up till now, but minus 5.5 per cent for November."
Worldwide chargeable weight was down by 6.9 per cent year on year in August, by 5.3 per cent in September, by 4.7 per cent in October, but by only 2.5 per cent in November.
"If the trend continues, the month of December may be the first month in 2019 showing no year-over-year decline. But even if December year over year would turn out to be 'neutral', the worldwide volume for the full year 2019 will be down 4.3 per cent compared to 2018. Taking out the 'bumper year' 2018, the change from 2017 to 2019 will be minus 2.2 per cent."