Asia Ice Age?

Hong Kong Air Cargo Terminals Limited (Hactl) says air cargo throughput declined 3.8 percent overall last year, due primarily to the severe global economic downturn and the continued weak performance in import/export trading activities particularly in the latter part of the year.

Total volumes handled by Hactl for December and the fourth quarter were 167,845 and 593,082 tonnes, down 29.7 percent and 19.4 percent respectively compared with the same periods in 2007.

"The global economic performance remains bleak. With the toxic combination of falling trading demand and the possible modal shift from air to ocean taking place, the whole air cargo industry is …