Cathay Pacific and sister airline Dragonair saw air freight volume drop 10.7 percent in March to 144,140 tons.
The two airlines’ cargo load factor was down 2.7 percent to 68.3 percent, while capacity decreased by 2.9 percent. For the first quarter, cargo volume dropped by 10.5 percent, while capacity was down by 2.1 percent.
"March was the strongest month of the year so far for our cargo business,” said James Woodrow, Cathay Pacific's general manager cargo sales and marketing, in a statement. “This was thanks to large shipments of high-tech consumer products from China to key markets around the world combined with capacity reductions by both Cathay Pacific and our competitors.
"However, the general market for air freight remains soft, particularly into Europe. There is poor visibility looking forward and little sign of any sustained pick-up in demand," he said. "We expect business to be weaker in April and we will continue to reduce capacity as necessary.”