Hong Kong International Airport saw cargo volume fall 8.2 percent in October from the same month a year ago as a surge in peak season shipping airlines have been looking for failed to materialize.
The world's largest international cargo airport did see a slight bump in business, with freight volume growing 5 percent from September, but that was only a slight gain compared to the strong recovery some in the industry have forecast as a result of lean inventories this fall at retailers and manufacturers.
HKIA has now racked up eight successive months of year-over-year declines as the feels the brunt of diminished exports from southern China and Hong Kong. Declining demand from the U.S. and Europe and flooding in Thailand negatively impacted cargo performance during October, said Stanley Hui Hon-chung, CEO of Airport Authority Hong Kong.
A year-over-year export decline of 8 percent was the main reason for the overall volume downturn, but imports and transshipments also dropped from October 2010 by 8 percent and 10 percent, respectively.
Europe, North America, Chinese Mainland and Taiwan all experienced double-digit declines in overall cargo traffic compared to a year earlier, said HKIA. In the first 10 months of this year, HKIA has handled 4.4 percent less than a year earlier. On a rolling 12 month basis through October cargo volume is 2.3 percent lower.
The decline was even more pronounced at the airport’s leading cargo handler, Hong Kong International Airport Air Cargo Terminals.
HACTL said exports fell 10.6 percent year-over-year, while fell 16.2 percent within the same period. HACTL’s exports in January to October of this year are 9.1 percent lower than in the same period of 2010, while imports have contracted 8.6 percent.
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