Global freight volumes still contracting
IATA's airfreight volume rates for June show that the ongoing slowing demand in the sector shows no sign of abating.
Global cargo volumes dropped by 0.8% in comparison to the same period last year, with the Asia Pacific region (-4.8%) leading the slowdown.
African airlines registered a -1.9% decline, while European carriers saw demand drop to 0.7%. While North American operators saw a decline to 4.0%, Middle Eastern carriers once again bucked the trend with 12.1% growth, up from a 10.7% gain in May.
"The airline sector is in trouble," said Giovanni Bisignani, IATA director general and CEO. “Losses this year could reach US$6.1 billion, more than wiping out the US$5.6 billion that airlines made in 2007."
Passenger load growth slumped to 3.8%, the lowest result since the SARS crisis of 2003.
“To survive the crisis, urgent action is needed," added Bisignani. “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."