ISTANBUL—The International Air Transport Association said today that air cargo traffic in September fell 7.7 percent compared to the same time frame a year ago. IATA also reported that international load factors decreased by 4.4 percentage points from August to 74.8 percent in September.

“The deterioration in traffic is alarmingly fast-paced and widespread,” said Giovanni Bisignani, IATA’s Director General and CEO, in a statement. “Even the good news that the oil price has fallen to half its July peak is not enough to offset the impact of the drop in demand.  At this rate, losses may be even deeper than our forecast US$5.2 billion for this year,” said Bisignani.

IATA went on to report that the current market decline is the industry’s worst since the technology bubble popped in 2001, adding that declines in air freight have slowed year-to-date growth to 0.1 percent, with all regions except the Middle East and Africa reporting negative results.

Hit the hardest, said IATA, were Asia Pacific carriers—the largest players in the market—reporting a 10.6 percent decline. Europe and North American carriers, which had seen flat growth through August saw cargo traffic fall 6.8 percent and 6.0 percent respectively, said IATA.

“The industry crisis is deepening—along with the crisis in the global economy,” said Bisignani. “Airlines, like all other businesses, are facing enormous challenges. But unlike other companies, they are denied some basic commercial freedoms—access to markets and to global capital—that could help them manage their business in this difficult time.”

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