The International Air Transport Association (IATA) reported that global cargo volume declined 1.3 percent in May while passenger traffic grew 6 percent.
The biggest cause of the cargo slowdown is a contraction in Asian traffic, IATA said. This resulted from the impact of the earthquake in China and weakness in the Japanese economy. Asian carriers also experienced weakness in transpacific markets with increased competition from U.S. carriers.
Passenger traffic dipped from the 7.4 percent growth rate recorded for the full year 2007, but it is stronger than expected given the economic downturn, IATA reported. The results were skewed by a shift in the U.S. of capacity from domestic routes to international routes.
"The high price of oil is re-shaping the industry. The major shifts in traffic flows experienced during May reflect this," said Giovanni Bisignani, IATA's director general and CEO.
