In terms of freight tonne kilometres, air freight demand grew by 2.1% in July 2018. This is the slowest pace of growth since May 2016, and is well below the five year average of 5.1%.

In that period, air freight demand was outpaced by capacity growth. This grew by 3.8%.

Alexandre de Juniac, IATA’s chief executive, said “July demand for air cargo grew at its slowest pace since 2016. We still expect 4 per cent growth over the course of the year, however the downside risk has increased.

“The tariff war and increasingly volatile trade talks between the world’s two largest trading nations – China and the US – are rippling across the global economy putting a drag on both business and investor sentiment. Trade wars only produce losers.”