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Mar 26, 2009 (newstodate): IATA finds world cargo growth still stuck in the deep red zone, but sees signs that trends may now have reached rock-bottom.
February's international freight volumes were 22.1 percent below 2008 levels, and this was the third consecutive month at more than 20 percent below previous year levels (down 23.2 in January and 22.6 percent in December).
-Freight traffic, which began its decline in June 2008 before passenger markets were hit, has now had three consecutive months in the -22 to -23 percent range. We may have found a bottom to the freight decline, but the magnitude of the drop means that it will take time to recover, says Giovanni Bisignani, IATA Director General and CEO.
According to IATA statistics, Middle Eastern carriers experienced the smallest fall in demand, -4.8 percent. They were also the only region to increase capacity, +5.4 percent.
Asian carriers - the largest players in cargo - saw demand falling by 24.7 percent as the regions high-value export-dependant industries were hard hit by declining consumer demand in the major markets of Europe, the US and Japan. Japanese exports have almost halved from February 2008 levels.
European and North American carriers saw cargo demand decline by 23.1 and 21.8 percent, respectively. Government stimulus plans have not yet rekindled consumer demand.
Latin American carriers experienced a demand drop of 22.8 percent, driven by weakening demand for the region's commodities.
African carriers had the worst performance with a 30.7 percent drop in international freight traffic due to a loss of market share on long-haul routes combined with the impact of the economic downturn.
February's international freight volumes were 22.1 percent below 2008 levels, and this was the third consecutive month at more than 20 percent below previous year levels (down 23.2 in January and 22.6 percent in December).
-Freight traffic, which began its decline in June 2008 before passenger markets were hit, has now had three consecutive months in the -22 to -23 percent range. We may have found a bottom to the freight decline, but the magnitude of the drop means that it will take time to recover, says Giovanni Bisignani, IATA Director General and CEO.
According to IATA statistics, Middle Eastern carriers experienced the smallest fall in demand, -4.8 percent. They were also the only region to increase capacity, +5.4 percent.
Asian carriers - the largest players in cargo - saw demand falling by 24.7 percent as the regions high-value export-dependant industries were hard hit by declining consumer demand in the major markets of Europe, the US and Japan. Japanese exports have almost halved from February 2008 levels.
European and North American carriers saw cargo demand decline by 23.1 and 21.8 percent, respectively. Government stimulus plans have not yet rekindled consumer demand.
Latin American carriers experienced a demand drop of 22.8 percent, driven by weakening demand for the region's commodities.
African carriers had the worst performance with a 30.7 percent drop in international freight traffic due to a loss of market share on long-haul routes combined with the impact of the economic downturn.