EUROPE/CIS: Cargo traffic remains in the “doldrums” in June: IATA
Freight and passenger traffic have hit a "speed bump" in June, with other modes of transport benefiting from the growth in the world economy, according to the latest traffic results released by the International Air Transport Association (IATA).
January 1, 1970
Freight and passenger traffic have hit a “speed bump” in June, with other modes of transport benefiting from the growth in the world economy, according to the latest traffic results released by the International Air Transport Association (IATA). The traffic results for June showed a slight softening in demand for both air travel and freight markets with freight demand three per cent lower than June 2010 and passenger demand up 4.4 per cent.
Freight volumes have not grown since July-August 2010 with the comparison to last year somewhat skewed by the May 2010 post-recession re-stocking peak, compared to which the June 2011 international freight market was six per cent smaller. IATA noted that while world trade is expanding at seven per cent a year, the benefit is being realised more by modes of transport other than air.
“Compared to May both passenger and cargo markets contracted by about one per cent. For passenger traffic, this is a speed-bump in a gradual post recession improvement. But air cargo continues in the doldrums at six per cent below the post-recession peak,” said Tony Tyler, IATA’s director general and CEO.
Asia Pacific carriers, the biggest players in the air freight market with a 40.5 per cent market share, also recorded the largest year-on-year decline of -5.8 per cent. IATA said this is mainly attributable to disrupted supply chains for the electronics and auto industries in the wake of the Japanese tsunami and earthquake and slower economic growth in China.