Cathay Pacific carried 91,366 tons of cargo in January, a 21.9 percent increase over the same month in 2005. The large spike was clearly in anticipation of the lull at the Chinese New Year, which fell in January last year but in February this year.

The airline added 14.4 percent in capacity measured in available cargo/mail ton kilometers with two additional freighters during 2005. New services to Shanghai, Dallas and Atlanta increased volume.

The balance of trade between southern China and the United States and Europe contributed to a cargo load factor of 61.9 percent, the company said. Far more goods are being exported from southern China through Hong Kong than are being imported from the United States and Europe.

"Cargo growth in January got a boost from the pre-holiday peak, the addition of two freighters and new services to the U.S. and Shanghai, which were not in place this time last year," said director and general manager cargo Ron Mathison.

"Yet underlying demand is spiky and somewhat unpredictable with continued uncertainty over the imposition of quotas on Chinese-made garments in Europe and the U.S. Business will likely be weaker in February," he said.

Thomas L. Gallagher