Air cargo down in September

Global - Asia carriers lead the world's cargo players in the decline in air cargo traffic for the month of September, with the industry experiencing a situation that has been described as "the worst decline since the technology bubble burst in 2001".

Cargo traffic slipped 7.7% in September compared to the same month the previous year. Air freight growth has slowed to 0.1% globally, with all regions except the Middle East and Africa reporting negative results, IATA said.

Asia-Pacific carriers, the largest players in the market, reported 10.6% decline.

"The industry crisis is deepening - along with the crisis in the global economy," said IATA director general and CEO Giovanni Bisignani.

"Even the good news that the oil price has fallen to half its July peak is not enough to offset the impact of the drop in demand," Bisignani said. "At this rate, losses may be even deeper than our forecast US$5.2 billion for this year."

IATA said the declines are the worst the industry has seen since the technology bubble burst in 2001.