The International Air Transport Association (IATA) announced global traffic results for January showing a 5.7% rise in passenger demand but an 8.0% decline in airfreight compared to the same month in 2011. The occurrence of Chinese New Year in January (rather than in February as in 2011) exaggerated the increase in passenger demand and the fall in air freight, the organisation said in a statement. Stripping this out, the underlying trend was for stronger passenger growth, while stabilised weakness in cargo markets continued.
“The year started with some hopeful news on business confidence. It appears that freight markets have stabilised, albeit at weak levels. And this is having a positive impact on business-related travel. However, airlines face two big risks: rising oil prices and Europe’s sovereign debt crisis. Both are hanging over the industry’s fortunes like the sword of Damocles,” said Iata’s Director General and CEO Tony Tyler.
Freight markets stood at 8% below January 2011 levels. The decline in airfreight stabilised in the fourth quarter of 2011, at levels 4% below the 2008 pre-crisis peak. There was a 2.5% fall in global freight markets from December to January, but this is almost totally attributable to the impact of factory closures due to the Chinese New Year. Freight capacity contracted by 0.6% year over year, and freight load factor fell to 41% (from 44.3% in January 2011) as deliveries of new widebody passenger aircraft offset measures to reduce freight capacity.
