International air freight declined 0.8 percent in June, the first drop in more than three years and a new sign that demand for premium priced air transport is sliding amid high energy costs.
The decline reported by the International Air Transport Association included a 4.8 percent slide in air freight in the Asia-Pacific region, an ominous decline in a month that typically sees an uptick as shippers push goods to markets at the end of the quarter.
IATA Director General Giovanni Bisignani said the air freight decline, along with weak expansion of the passenger business, gave airlines "the slowest growth that we have seen since the industry was hit by the SARS crisis in 2003."
The weak June left international air freight up 2.4 percent in the first half of 2008 over last year.
The 0.8 percent drop was the first move by the carriers into negative territory since May 2005.
Cargo traffic in the Middle East defied the trend in June, growing 12.1 percent ahead of the same month a year ago. North American traffic also grew 4 percent, but European business was weak, with just 0.7 percent expansion.
The overall decline came with a 3.3 percent growth in freight capacity.