Air cargo bottoms out: IATA

AIR CARGO    CARGO VOLUME    IATA       

Global - The decline in global air cargo traffic slowed significantly in October, with volumes registering a 0.5% slip compared to the same period last year, the International Air Transport Association (IATA) said.

According to the IATA, the latest international cargo reading is a significant improvement compared to the 5.4% decline recorded in September.

Airlines responded to the "precipitous" fall in cargo demand by cutting October's capacity by 7.4% on-year, which enabled the load factor to climb to pre-recession level of 54.1%.

In October, the volume of active freighter shrunk by 4.9% worldwide, as numerous freighters were mothballed or retired due to the adjustment  in cargo capacity, said IATA.

Compared to September, seasonally adjusted cargo volumes in October rose by 2.5%, with carriers in all regions experiencing improved demand conditions.

Carriers in the Asia-Pacific region reported a 1.9% increase compared with a 3.1% drop in September, as economic revival in the region boosted freight traffic.

"The crisis has cost the industry two years of growth. Adjusting costs and capacity to meet that reality will be challenging," said Giovanni Bisignani, director general and CEO of IATA. 

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