IATA paints gloomy picture for air cargo

August 6, 2008 by Splatty  
Filed under Air Cargo, Uncategorized

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IATA’s recent report on international traffic data for June paints a fairly ominous picture of the state of the air cargo market. According to the report, air cargo declined 0.8 percent during the month of June, which marked the first decline in air cargo since May of 2005. Asia Pacific airlines took the biggest hit posting a decline of 4.8 percent. IATA attributes the main reasons for the decline to falling consumer and business confidence, and sky high oil prices.

Via IATA.org:

“The airline sector is in trouble. Losses this year could reach US$6.1 billion, more than wiping out the US$5.6 billion that airlines made in 2007. Falling demand and rising costs are re-shaping the industry,” said Bisignani. “To survive the crisis, urgent action is needed. Airports and air navigation service providers must come to the table with efficiencies that deliver cost savings. Labour must understand that efficiency is the only path to job security. And governments must stop crazy taxation and give airlines the freedom to merge and consolidate where it makes business sense.”

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