The Boeing Company will lower the production rate of its 747-8 aircraft to match supply with near-term demand in the cargo market.

In September 2016, the 747-8 program’s production will decline from one airplane per month to 0.5 per month. The company previously announced that the rate would drop from 1.3 per month to one per month in March 2016.

“Global air passenger traffic growth and airplane demand remain strong, but the air cargo market recovery that began in late 2013 has stalled in recent months and slowed demand for the 747-8 Freighter,” said Ray Conner, Boeing vice chairman and president and CEO of Boeing Commercial Airplanes. “While we remain confident in the 747-8’s unique value-proposition and an upcoming replacement cycle for late-model 747-400 Freighters, we’re taking the prudent step to further align production with current market requirements.”

“We are closely monitoring the air cargo market as we work to win additional orders to support ongoing future production,” said Greg Smith, the company’s chief financial officer. “At the same time, we continue to aggressively drive productivity to lower costs across our production system to offset the current market challenges.”

The most recent air transport industry data show that air freight contracted in November declined by 1.2 percent compared to the same time a year ago. This contrasts with global passenger demand which grew at 5.9 percent, above the 10-year average rate, according to the International Air Transport Association (IATA).