Asia leads August decline in freight traffic volume

Vietnam - The International Air Transport Association (IATA) has indicated that international freight traffic has taken a dip for the third consecutive month, with Asia Pacific the worst hit.

According to IATA, international freight traffic saw a dip for the third consecutive month, with a 2.7% decline, following drops of 1.9% in July and 0.8% in June this year.

Giovanni Bisignani, IATA's director general and CEO said, "Air freight has declined for the past three months, led by Asia-Pacific carriers that posted a 6.5% decline in July and a 6.8% decline in August."

Bisignani continued, "Airlines carry 35% by value of the goods traded internationally. The three-month decline led by weakness in Asia-Pacific markets is a clear indication that global trade is slowing down. This shows that the impact of the financial crisis is broad geographically and will worsen before it gets better," said Bisignani.

IATA said, a 6.8% decline in international freight shipped by carriers in the Asia Pacific region in August had the greatest impact, as they comprise 45% of the global air cargo markets. 

"The industry crisis is deepening and no region is immune. Urgent measures are needed. From taxation to charges and operational efficiencies, all areas impacting the business must be examined for ways to reduce costs and drive efficiencies. It's a matter of survival," said Bisignani.