July was the 17th consecutive month in decline of demand as consumers turned from goods to services and capacity grew, said the Association of Asia Pacific Airlines (AAPA). Subhas Menon, Director General, AAPA said, “The market slid further reflecting the shift in exports from goods to services. Amidst a weakness in demand for consumer and intermediate goods, Asian airlines experienced an 8.4 per cent drop in global air cargo demand during the first seven months of the year.” Preliminary July 2023 traffic figures released by the AAPA show demand, as measured in freight tonne kilometres (FTK), fell by 0.6 per cent year-on-year in July, marking the 17th consecutive month of decline. The ongoing restoration of flights led to an increase in belly-hold cargo space, contributing to an 8.4 per cent expansion in offered freight capacity. The average global freight load factor declined by 5.5 percentage points to 60.9 per cent for the month.
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