The International Air Transport Association seems to think so. IATA released its air freight market analysis for November 2015, showing a 1.2% year-over-year decline in worldwide cargo traffic (in freight tonne kilometers flown). This 1.2% overall loss was the result of a 1.3% decrease in international traffic and a 0.4% decrease in domestic traffic. However, IATA said that total traffic was up from October, and higher than the low point in August, adding: "This indicates that the decline in cargo demand may be bottoming out."
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