IATA: Air freight growth at 1-year low
The International Air Transport Association said demand growth for international freight in October was just 2.3 percent, down from the 4.9 percent growth recorded in September making it the weakest monthly freight growth rate recorded in a year.
For the first 10 months of the year, freight traffic is up 4.9 percent, IATA said.
'Despite strong underlying positive economic conditions, the results for freight traffic are disappointing,' said Giovanni Bisignani, IATA's director general and chief executive officer.
IATA said that despite an 11 percent rise in exports from the European Union over the first three quarters of 2006, there was only a 1.8 percent increase in air freight by European carriers with a 0.4 percent year-on-year contraction for the month of October. Similarly, Asia-Pacific carriers experienced a 4.9 percent increase in freight despite a 12 percent jump in semi-conductor exports.
'Some positive news is expected. As the recent fall in the price of oil works its way through the system, we can expect to see a boost in the freight traffic, particularly as we enter the fourth quarter which is traditionally the peak season,” Bisignani said.