WORLD AIR FREIGHT MARKET UP BY 4% IN 2002

WORLD AIR FREIGHT MARKET UP BY 4% IN 2002    The world’s airline industry reported a “modest” 4-percent increase in scheduled freight volumes in 2002.
   Freight carried internationally on scheduled airline services was about 30 million tons. The International Civil Aviation Organization said air cargo is “usually a lead indicator of air traffic and the economy in general.”
   However, the airline industry remains in bad shape. Combined passenger and cargo traffic this year is 2 to 3 percent below 2000 levels. Combined passenger and cargo traffic for 2002 was only about 2 percent over 2001 levels.
   “The extent to which traffic stabilization or recovery (in 2003) will be translated into airline financial health is uncertain,” ICAO said.
“Political and economic uncertainty have the potential both to place restraints on demand and to provoke further increases in input costs, notably as regards fuel, security and insurance.”
   ICAO, a specialized agency of the United Nations, was formed in 1944 to promote safety and development in the civilian aviation industry. The Montreal-based organization has 188 contracting states.