FTKs for carriers in the Asia-Pacific region fell by 2.4% year-on-year in November 2015, according to traffic figures released by the Association of Asia Pacific Airlines.

The association said that this was because of the soft market conditions being experienced by key manufacturing economies in the region.

“Growth in air cargo demand narrowed to a 1.8% increase for the first 11 months of the year, dampened by the general slowdown in global trade,” said Andrew Herdman, director general of the AAPA.

The international freight load factor for November 2015 stood at an average of 65.7%, a year-on-year decrease of 2.9 percentage points.

“Air passenger demand remains strong, supported by affordable airfares resulting from persistently low oil prices,” said Herdman. “Less encouragingly, the air cargo business is suffering from the effects of market weakness in major trading economies, signs of inventory overhang and excess capacity. 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.”