IATA reports air cargo volumes down worldwide in Sept.
Worldwide air cargo declined 7.7 percent during September, the steepest drop since the dot-com bust in 2001, according to the International Air Transport Association.
With the exception of Africa and the Middle East, global air cargo markets all saw declines for September with Asia-Pacific carriers topping the list, down 10.6 percent for the month.
'The deterioration in traffic is alarmingly fast-paced and widespread,' said Giovanni Bisignani, IATA's director general and chief executive officer.
'Even the good news that the oil price has fallen to half its July peak is not enough to offset the impact of the drop in demand. At this rate, losses may be even deeper than our forecast $5.2 billion for this year,' Bisignani said.
According to IATA, which represents 230 airlines comprising 93 percent of scheduled international air traffic, air freight declines have slowed year-to-date growth to 0.1 percent. European and North American carriers, which hadn't seen growth through August saw cargo instead fall 6.8 percent and 6 percent, respectively.
'The industry crisis is deepening — along with the crisis in the global economy. Airlines, like all other businesses, are facing enormous challenges. But unlike other companies, they are denied some basic commercial freedoms — access to markets and to global capital — that could help them manage their business in this difficult time,' Bisignani said.