While passenger growth continues unabated, international air freight traffic growth slowed in February, the International Air Transport Association reported.

International air freight growth was 2.4 percent in February, down from 3 percent in January and significantly below the 4.6 percent growth level for all of 2006.

"The relatively weak level of growth seen in the second half of 2006 has continued into the start of 2007," said IATA, despite the relatively strong global economy and trade.

High fuel costs and competition from other transportation modes, trucks specifically, stymied growth in February in shorthaul markets in both North America and Europe. North American airlines saw freight volumes decline by 0.5 percent in February compared to economic growth of 6 percent in 2006

The one bright spot remains the oil-led Middle East, which posted a strong 15.4 percent growth rate in February. Latin America airlines, excluding Brazil's Varig, saw freight growth of 9.7 percent in February, due mainly to expansion in freight operations.

Robert W. Moorman