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Hong Kong air cargo sharply down in 2008, passenger growth slows
Hong Kong (AFP) Jan 19, 2009 Air cargo through Hong Kong dropped more than three percent last year, airport figures released Monday showed, as the global drop-off in demand for goods hit traffic through the export hub. The global slowdown devastated freight demand in the second half of the year, resulting in a 3.1 percent fall in volume, compared to 4.5 percent growth in 2007, Hong Kong International Airport (HKIA) said in a statement. In December, cargo throughput plunged 28.2 percent year-on-year to 243,000 tonnes, the largest single-month drop since the airport opened in 1998, the statement said. Passenger growth was also hit, slowing to 1.7 percent in 2008 compared to a record growth of 7.5 percent in 2007, the figures showed. Annual passenger volume was 48.6 million for 2008. The statement said that while passenger traffic maintained a steady growth in the first seven months of the year, it saw a four percent drop over the last five months. The volume of passenger traffic plunged 5.3 percent year-on-year to 4 million in December, with routes to and from Southeast Asia, Taiwan, China and North America recording the biggest drops. The HKIA said the annual drop was partly due to China's tighter visa rules for foreign tourists following security worries for the Beijing Olympics last summer. "2008 was a very tough year for the aviation industry, with skyrocketing oil prices in the first half of the year followed by the financial tsunami and the ensuing weakening demand for travel and air cargo services in the second half," said Stanley Hui, chief executive of the Airport Authority. Hui said he expected another challenging year ahead as the full effects of the global downturn would be felt, but said he thought the economy would stabilise in the latter part of 2009. Related Links The Economy
French credit rating agency puts China, Russia under negative watch
Paris (AFP) Jan 19, 2009The French credit rating agency Coface on Monday placed China and Russia on a negative watch list, citing the vulnerability of their companies in the face of a worldwide economic downturn. |
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