Freight traffic shrinks for third successive month

International freight traffic saw its third consecutive month of contraction in August with a 2.7% decline following drops of 1.9% in July and 0.8% in June, according to international traffic data just released by the International Air Transport Association (Iata). Airfreight has declined for the past three months, led by Asia Pacific carriers that posted a 6.5% decline in July and a 6.8% decline in August. “Airlines carry 35% by value of the goods traded internationally. The threemonth decline – led by weakness in Asia-Pacific markets – is a clear indication that global trade is slowing down. This shows that the impact of the financial crisis is broad geographically and will worsen before it gets better,” said Iata director-general and CEO Giovanni Bisignani. International passenger demand growth slowed to 1.3%, following disappointing growth of 1.9% in July. Passenger load factors fell to 79.2% a sharp drop-off from the 81% recorded during the same period last year as capacity growth outpaced demand.