Trade protectionism drags down the growth of global
The report pointed out that factors such as weak global trade and intensified US-China trade disputes continue to slow down the growth of global air cargo demand. Judging from the performance in July this year, air cargo demand is still weak, and the global air cargo market will remain sluggish for some time to come. In July of this year, global trade volume fell by 1.4% year-on-year, Sino-US trade volume fell by 14% year-on-year, and the global purchasing managers index (PMI) did not show growth. Since September last year, the number of manufacturing export orders has been declining. Trade tensions have put heavy pressure on global air cargo and have a long-term negative impact on the global economy. Higher tariffs have not only disrupted the trans-Pacific supply chain, but also Obstructed the smooth flow of global trade channels.
The report analyzes the latest situation of the air cargo market in various regions. In July 2019, the demand for air cargo in the Asia-Pacific and Middle East regions fell sharply year-on-year, while the demand for air cargo in North America and Europe declined slightly, and the demand for air cargo in Africa and Latin America increased year-on-year. Specifically, the demand for air cargo in the Asia-Pacific region is deeply affected by the Sino-US trade war and the deterioration of the manufacturing environment for export companies in the region. The overall performance of air cargo is weak, with demand increasing by 4.9% year-on-year; air cargo demand in North America has dropped by 2.1% year-on-year, and the US Trade tensions still pose pressure on airlines in the region, especially freight demand between Asia and North America has fallen by nearly 5% year-on-year; European air freight demand has fallen by 2% year-on-year, the manufacturing environment for German exporters is weak, and the Brexit has caused Uncertainty and other factors have affected the recent performance of air cargo in Europe; the demand for air cargo in the Middle East has dropped by 5.5% year-on-year. This is the largest decline in air cargo demand in the region in recent years. The main drag factor is the escalating trade tensions. , Global trade slowdown and airline restructuring, etc.; Latin America's air cargo demand increased by 3% year-on-year. The positive factor was a certain degree of recovery in the Brazilian economy, but the economic prospects of other major Latin American countries such as Argentina are still worrying; Africa Air cargo demand increased by 10.9% year-on-year, the fastest growth among all regions, and continued the obvious upward trend since the middle of last year, making Africa the region with the strongest air cargo performance for the sixth consecutive month. In addition, the strong trade and investment links between Africa and Asia have supported the double-digit growth in air cargo demand in these two regions in the past year. (Economic Daily-China Economic Net reporter Yang Haiquan)