IATA: Cargo and Passengers down sharply in November 2008

December 30, 2008 by SwizStick  
Filed under Air Cargo, Airlines

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Quotes Giovanni Bisignani, IATA’s CEO, the “…drop in international cargo is shocking…“. Maybe, but it shouldn’t be too surprising. These days cash is king and companies will do just about anything to save a buck or two, including rethinking what kinds of cargo can/should ship by sea as opposed to air. Years ago I was heavily involved in the air freight transport of high-tech goods, I’d imagine a number of those goods that traditionally ship by air are now being sent by sea.

“The 13.5% drop in international cargo is shocking. As air cargo handles 35% of the value of goods traded internationally, it clearly shows the rapid fall in global trade and the broadening impact of the economic slowdown. By comparison, this is largest drop since 2001, in the aftermath of September 11,” said Giovanni Bisignani, IATA’s Director General and CEO.

“The industry is now shrinking by all measures. The 1.0% capacity cut in international passenger markets in November could not keep pace with the 4.6% fall in passenger demand. We can expect deep losses in the fourth quarter,” said Bisignani.

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