Global exports continue to collapse, and the global Purchasing Managers Index (PMI) remains under 50, stuck in contraction territory. All of these ominous signals indicate a global trade recession could be imminent in 2020. 

New data from the International Air Transport Association (IATA) shows global air freight volumes, measured in freight tonne kilometers (FTKs), plunged 3.9% in August YoY, and this was the tenth consecutive month of contraction and the most extended decline since the 2008 financial crisis. 

Global trade volumes are quickly slowing, down over 1% from a year ago. 

Trade across the world could be at a standstill by 2H20. Air cargo volumes have been hit with tremendous macroeconomic headwinds from a global slowdown that started in late 2017. An intensifying trade war between the US and China has undoubtedly accelerated the global downturn, damaging emerging markets that are highly exposed to exports, like Europe, India, and many countries in Asia.