[(Title)] Middle Eastern carriers post fastest freight growth in July.

JEDDAH/GENEVA — The International Air Transport Association (IATA) released data for global air freight markets showing that demand, measured in freight ton kilometers (FTKs), rose 2.1% in July 2018, compared to the same period the year before.

国际航空运输协会（IATA）发布了全球航空货运市场数据，显示2018年7月以货运吨位衡量，与前一年同期相比，需求增长了2.1%。

This was the slowest pace of growth seen since May 2016 and well below the five-year average growth rate of 5.1%.

这是自2016年5月以来最慢的增长速度，远低于5.1%的五年平均增长率。

Freight capacity, measured in available freight ton kilometers (AFTKs), grew by 3.8% year-on-year in July 2018. This was the fourth time in five months that capacity growth outstripped demand growth.

2018年7月，以可动用货运吨位衡量，货运产能同比增长3.8%，是五个月以来产能增长超过需求增长的第四次表现。

All regions reported year-on-year demand growth in July 2018, except Africa which contracted. All regions, except Africa and Latin America, reported that capacity growth exceeded growth in demand.

所有区域都报告了2018年7月同比需求增长，但萎缩的非洲除外，所有区域，除非洲和拉丁美洲外，都报告说产能增长超过了需求增长。

Middle Eastern carriers posted the fastest growth of any region in July 2018 with an increase in demand of 5.4% compared to the same period a year earlier. Capacity increased 6.3%.

2018年7月，中东地区运营商公布的增长速度最快，需求量比去年同期增长了5.4%，增幅为6.3%。

Seasonally-adjusted freight volumes continue to trend upwards, however, at a comparatively modest pace by the region's standards.

不过，按照该区域的标准，按季节调整的货运量继续呈上升趋势，速度相对较慢。

North American airlines' freight volumes expanded 2.6% in July 2018 compared to the same period a year earlier. Capacity increased by 4.0%. The recent momentum of the US economy and the US dollar has helped strengthen demand for air imports.

与去年同期相比，2018年7月，北美航空公司货运量增长了2.6%，产能增长了4.0%，最近美国经济走势和美元促进了航空进口需求的增长。

A sharp pick-up in supply chain bottlenecks, which is typically alleviated by the speed of airfreight, may also be benefiting the demand.

供应链瓶颈的急剧上升，通常由于空运速度而缓解，也可能有利于需求。

European airlines posted a 2.6% increase in freight volumes in July 2018. This is a significant slowdown from the five-year average annual growth rate of 5.6%.

欧洲航空公司2018年7月的货运量增长了2.6%，与5年平均年增长率5.6%相比显著放缓。

Despite this and the weakening of manufacturers' order books, seasonally-adjusted air freight volumes have resumed their upward trend in recent months. Capacity increased 4.4%.

尽管如此，加上制造商订单书籍的减少，经过季节调整的空运货运量近几个月又恢复了上涨趋势，能力增加了4.4%。

Asia-Pacific airlines saw demand for freight lose momentum in July 2018. Growth slowed to 0.9% compared to the same period last year. Capacity increased by 3.9%.

2018年7月，亚太航空公司的货运需求出现下滑，同比增长放缓至0.9%，增幅为3.9%。

As the largest freight-flying region, carrying one-third of the total, the risks from protectionist measures impacting the region are disproportionately high.

作为货运飞行区最大的，占货物运输总量的三分之一，保护主义措施对该区域造成的风险过高。

Latin American airlines experienced a slowdown in freight demand growth in July 2018 to 3.0%. This was only a quarter of the growth rate seen in June 2018 (11.4%) but still above the 5-year average pace of 2.1%. Capacity decreased 7.8%.

拉丁美洲航空公司在2018年7月的货运需求增长放缓至3.0%，只是2018年6月的增长率(11.4%)的四分之一，但仍高于5年平均2.1%的速度。

African carriers saw freight demand contract by 8.3% in July 2018, compared to the same month last year. This was the fourth time in five months that demand contracted. Capacity decreased by 0.7%.

与去年同期相比，2018年7月，非洲航空公司货运需求合同增长了8.3%，这是五个月以来第四次需求收缩，产能下降0.7%。

After a surge in international FTK volumes last year, seasonally-adjusted international freight volumes have now trended downwards at an annualized pace of 18% over the past six months.

去年国际FTK交易量大幅上涨后，经过季节性调整的国际货运量如今在过去六个月中呈下降趋势，年化速度为18%。

This reflects a softening in demand on markets to/from Asia and the Middle East.

这反映了亚洲和中东市场需求的软化。

While the temporary grounding of the Nippon Cargo Airlines fleet may have exaggerated a slowdown in growth at the beginning of July, there are three indications that slower growth will continue:

虽然日本财团Cargo航空公司机队的临时停机可能夸大了7月初的增长放缓，但有三个迹象表明，增长将继续放缓：

• The inventory re-stocking cycle, which requires quick delivery to meet customer needs, ended at the beginning of the year.

• 库存再库存周期需要快速交付以满足客户需求，于年初结束。

• There has been a broad-based weakening in manufacturing firms' export order books. Specifically, export order books in Europe started weakening in February and have fallen in China and Japan in recent months.

• 欧洲的出口订单普遍走低，具体而言，2月份欧洲的出口订单开始贬值，近几个月来中国和日本都出现了下降。

• Longer supplier delivery times are being reported by manufacturers in Asia and Europe, the top two global trading areas by volume. This typically means that they have less need for the speed afforded by air freight.

• 亚洲和欧洲（全球第二大贸易区）的制造商报告的供应商交货时间更长，这通常意味着他们对空运提供的速度的需求较少。

"July demand for air cargo grew at its slowest pace since 2016. We still expect 4% growth over the course of the year, however the downside risk has increased.

“2016年以来，7月对航空货运的需求增长速度最慢，但我们仍预计全年增长4%，然而，下行风险有所增加。

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.

全球两个最大的贸易国——中国和美国——之间的关税战争和日益动荡的贸易谈判正在席卷全球经济，这给商业和投资者的信心带来了阻力。

Trade wars only produce losers," said Alexandre de Juniac, IATA's Director General and CEO. — SG

IATA总干事兼首席执行官亚历山大?德朱尼亚奇(AlexandredeJuniac)表示，贸易战只产生输家。