Air cargo volumes (measured in Freight Tonne Kilometres) were down 1.2% in November 2015, compared to November 2014. This is according to the International Air Transport Association (IATA).

Total cargo volumes, however, expanded compared to October 2015, and were higher than the low point in August, indicating the decline in cargo demand may be bottoming out.

Growing 5.4%, the Middle East was the only region to not experience negative year-on-year results. Europe was down 2.0%, North America by 3.2%, and Asia-Pacific by 1.5%.

IATA says comparative weakness in these major regions was driven largely because the November 2014 performance was so strong. It added that Latin American and African markets fell by 6.4% and 6.0% respectively.

“The freight performance in November was a mixed bag. Although the headline growth rate fell again, and the global economic outlook remains fragile, it appears that parts of Asia-Pacific are growing again and globally, export orders are looking better.

“In fact, the downward trend in FTK volumes appears to be bottoming out. But there is a great deal of uncertainty. The current volatility of stock markets shows how much the health of the global economy – upon which air cargo depends – remains on a knife-edge,” says Tony Tyler, IATA’s Director General and CEO.