Air cargo plummets 22.6% in December

The International Air Transport Association (IATA) released international scheduled traffic results for both December 2008 and the full-year.

In the month of December, global international cargo traffic plummeted by 22.6% compared to December 2007. The same comparison for international passenger traffic showed a 4.6% drop. The international load factor stood at 73.8%.

For the full-year 2008, international cargo traffic was down 4.0%, passenger traffic showed a modest increase of 1.6%, and the international load factor stood at 75.9%.

?he 22.6% free fall in global cargo is unprecedented and shocking. There is no clearer description of the slowdown in world trade. Even in September 2001, when much of the global fleet was grounded, the decline was only 13.9%,?said Giovanni Bisignani, IATA? Director General and CEO.?Air cargo carries 35% of the value of goods traded internationally.

Bolstered by year-end advance-booked leisure travel, the 4.6% decline in December passenger demand was less dramatic than the fall in cargo. A 1.5% cutback in supply could not keep pace with falling demand, resulting in a 2.4% decline in the December load factor to 73.8%. ?irlines are struggling to match capacity with fast-falling demand. Until this comes into balance, even the sharp fall in fuel prices cannot save the industry from drowning in red ink,?said Bisignani.

?ields are also under attack with a sharp drop in November premium traffic,?said Bisignani. For November, IATA reported an 11.5% drop in the number of premium tickets issued globally.

Full year international air freight traffic contracted 4.0% for the year compared to 4.3% growth in 2007.

December saw an unprecedented 22.6% decline in air freight volumes, compared with the previous year. All regions showed major declines.<Korea Shipping Gazette>