The International Air Transport Association has announced traffic results for June that showed a slight softening in demand for both air travel and freight markets. Compared to June 2010, passenger demand was up 4.4% while freight demand was 3% lower.
The trend for passenger travel remains upwards, but at a slower pace than the post recession rebound that was at an annual rate close to 10%. The slowdown reflects slower economic growth and increased costs resulting from higher jet fuel prices, and increased taxation (in some countries).
Freight volumes have not grown since July-August 2010. May 2010 was the post-recession re-stocking peak, compared to which the June 2011 international freight market was 6% smaller. While world trade is expanding at 7% a year, the benefit is being realised more by modes of transport other than air.
“Compared to May both passenger and cargo markets contracted by about 1%. For passenger traffic, this is a speed bump in a gradual post recession improvement – but air cargo continues in the doldrums at 6% below the post-recession peak,” said Tony Tyler, IATA’s Director General and CEO.