Global Cargo Volumes Decline 3.2% as Freight Recession Continues

Global cargo volumes declined 3.2% year-over-year in November according to IATA data, extending the freight recession that began in late 2022 following pandemic-era demand spikes.

Asia-Pacific routes showed the steepest declines at -5.1%, reflecting weakened manufacturing output and inventory corrections among major retailers.

Capacity Adjustments

Cargo airlines have responded by parking freighters and reducing frequencies. Atlas Air and Kalitta Air both announced schedule reductions, while passenger airlines benefit from increased bellyhold cargo as travel recovers.

Rate normalization continues with yields down approximately 40% from 2021 peaks. Analysts expect stabilization by mid-2025 as inventory cycles complete and e-commerce growth resumes.