Hong Kong International Airport (HKIA), the world’s busiest air cargo hub, saw volumes fall 6.1 per cent in September, reports ifw-net.com.
The logistics new site said HKIA air freight fell to 325,000 tonnes last month due to poor consumer demand in Europe and the US for high-value exports from China.
HKIA said consumer sentiment in Hong Kong’s two major export markets, North America and Europe, remained fragile as a result of the troubled economic conditions there.
One analyst told the site:“Air freight is likely to remain weak in coming months as the base of last year was high because of restocking amid an economic recovery.
“With a looming recession, people are now unwilling to take more stock, reflecting weak consumer confidence.”
Economists expect demand from China’s biggest trading partners, Europe and North America, to weaken further in the coming months, due to the impact of the European debt crisis and slowing US economy, ifw-net.com said.
The International Air Transport Association said global air freight markets saw a 3.8 per cent contraction in August, more than double July’s 1.8 per cent decline, as business and consumer confidence continued to slump.
No comments yet