Worldwide trade of some of the world's most valuable goods, which are typically moved by plane, sank in Feb.
The measure of freight ton-kilometers sank by 1.8% globally. It dipped the most in the Middle East , Asia Pacific , and Europe . North America saw a boost of 3.3%.
But analysts aren't sounding the alarm bell quite yet. Kevin Sterling, managing director of Seaport Global Securities, said an early Lunar New Year, which usually shuts down manufacturing in China for two weeks and slows down commerce around Asia Pacific, is part of the reason trade numbers sank so much in Feb.
There was also quite a bit of freight activity in Dec. and Jan. as retailers and manufacturers tried to move goods in from China to the USChristopher N. Stathoulopoulos, senior equity research analyst at Susquehanna International Group, expressed a similar sentiment in a research note following the IATA numbers.
"With the first few months of the year a tough read for underlying demand , we continue to look at seasonality for signs of a 'meaningful' negative inflection," he wrote."If March is down — oh my, we're in trouble," Sterling told Business Insider."That's a signal that the rest of the year is probably going to be bad."
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