China reports single-digit air passenger growth and further freight declines in Oct-2011

China's passenger growth increased at a rate of 7.5% year-on-year in Oct-2011, according to CAAC data, marking the fifth consecutive month of single-digit growth and a slowdown from Sep-2011's 9.5% increase. Aug-2011's growth rate of just 4.5% was the slowest pace of expansion since Sep-2008 and there have been only two months of double-digit passenger growth this year. Passenger traffic in China has grown by an average 15.3% p/a over the past decade, or around three times the world average for the same period. So 2011 is definitely a below par performance.

The freight market however has been much worse. Traffic fell 6.3% in Oct-2011 to 469,400 tonnes.