International air traffic continues to slow in March: IATA

0 Comments | AFP, May, 2008

GENEVA (AFP) — International air traffic growth continued to slow in March as the industry was hit by soaring fuel costs and the global credit crunch, the International Air Transport Association said on Friday.

As a result, IATA's chief urged airlines to move towards consolidation, saying the industry's fortunes "have taken a major turn for the worse."

Compared to a year ago, international traffic grew only 4.0 percent in March.

IATA noted that the slowdown, particularly in Asia-Pacific traffic growth to just 4.3 percent, was significant as the region's booming economies had been expected to "immunise them (against) the US slowdown."

Middle East carriers continued to post double-digit growth of 15.4 percent but this was still sharply lower than the...