Preliminary November traffic figures released today by the Association of Asia Pacific Airlines (AAPA) showed air cargo markets remained weak.

This, even with the robust growth in international air passenger demand that was seen during the month.

Air cargo demand declined by 2.4 percent in November, in terms of freight ton kilometers (FTK), with key manufacturing economies experiencing soft market conditions as a result of the slowdown in international trade. After accounting for a 1.8 percent expansion in offered freight capacity, the average international freight load factor fell by 2.9 percentage points to 65.7 percent for the month.

On the passenger front, a total of 22.5 million international air passengers were carried by the region’s airlines in November, reflecting a 6.7 percent increase compared to the same month last year. Measured in revenue passenger kilometers, demand grew by 8.7 percent, on the back of robust leisure travel markets. The average international passenger load factor strengthened by 2.1 percentage points to 76.8 percent for the month, after accounting for a 5.7 percent expansion in available seat capacity.

“Air cargo demand narrowed to a 1.8 percent increase for the first eleven months of 2015, dampened by the general slowdown in global trade,” said Andrew Herdman, the AAPA director general. “The air cargo business is suffering from the effects of market weakness in major trading economies, signs of

inventory overhang and excess capacity. Air passenger demand remains strong, supported by affordable airfares resulting from persistently low oil prices. Overall, the region’s airlines are focused on responding appropriately to evolving patterns of market demand, whilst making efforts to increase operational efficiency and boost profitability.”