Total external trade by sea through March was down 5% in the EU-27 and 6% in the United States, according to seasonally adjusted preliminary estimates of goods by the International Transport Forum.
Air cargo, on the other hand, shows diverging trends. The decline in freight transport by air continues in the EU as volumes stay -4% below the pre-crisis peak while in the USA, external trade by air has recovered gradually to 1% above pre-crisis levels.
Inland transport by rail and road continue to reflect the sense of weak recovery in domestic demand, especially in the EU area. Rail freight declined in the EU during the last quarter of 2011, falling 7% below the pre-crisis levels while road freight growth remains slow. Rail freight in the USA and Russia has recovered back to pre-crisis levels, further highlighting the difference in performance between these markets and the EU area.
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