Chronic crisis for air cargo

INTERNATIONAL cargo traffic fell a dramatic 13.5 percent in November according to IATA figures. The organisation describes the situation, which has seen plummeting demand and revenues not seen since the September 11 attacks on the US in 2001, as a “chronic crisis”.

“The 13.5 per cent drop in international cargo is shocking,” said Giovanni Bisignani, IATA director general. “As air cargo handles 35 per cent of the value of goods traded internationally, it clearly shows the rapid fall in global trade and the broadening impact of the economic slowdown. The industry is now shrinking by all measures.”

Hardest hit was the Asia-Pacific region, accounting for 45 per cent of global air cargo, which fell 16.9 per cent. North America air cargo levels fell 14.4 per cent and Europe by 11 per cent.

IATA predicts that industry losses in 2009 will total at least US$2.5 billion.

“The industry is back in intensive care. Improved efficiency everywhere will the theme for 2009,” Bisignani added.