November was a difficult month for air cargo, International Air Transport Association data revealed. Decreased demand for Asian-manufactured goods in the U.S. and eurozone has contributed to freight markets shrinking 3.1 percent, year-over-year, according to an IATA press release. This number deviates moderately from IATA’s October statistics, which showed cargo markets increasing 1.1 percent from October 2010. Of all regional carriers, those in Europe and the Asia-Pacific were hit the hardest in November, with freight volumes for these airlines falling 4.6 percent and 6.4 percent, year-over-year, respectively. African carriers also contended with slightly lower cargo traffic in November, highlighted by a 1.7-percent, year-over-year, decline. 2012 could be as equally challenging for passenger and freight markets, industry experts fear. IATA, which forecasts a USD3.5 billion profit for 2012, said the global aviation sector could experience losses in excess of USD8 billion if problems in the eurozone aren’t resolved.