IATA: Air freight growth stunted by rising ocean cargo
Geneva-based International Air Transport Association said that rising ocean cargo volume is denting international air freight traffic with volumes flown in the first four months of the year up a modest 2.6 percent.
IATA said the average load factor for the period stood at 75.4 percent.
'Freight demand is showing much more price sensitivity than previously,' said Giovanni Bisignani, IATA's director general and chief executive officer. 'The cargo business is still growing, but competition with other modes of transport is severe. And sea shipping is taking a greater proportion of the benefits from the economic boom.'
From January through April, Middle Eastern carriers lead the growth with a 12.2 percent year-on-year increase in freight-ton kilometers. Asia Pacific was next in line with 3.9 percent growth, which IATA said was low compared to trade expansion in the region. Europe saw a slight contraction of 0.1 percent while North America was flat at 0.9 percent demand growth. Latin America demand in the period dropped 5.5 percent.
IATA represents 243 airlines comprising 94 percent of international scheduled air traffic.