Beijing Capital International Airport (BCIA) is showing the strain afflicting the nation's industrial producers. Cargo volumes fell 17.8% in Nov-08 - its worst decline this year, after a mild recovery in Oct-08. This figure adds to the growing weight of data that indicates China's economy is rapidly cooling.
The National Bureau of Statistics reports China's industrial output growth slowed to 5.4% in Nov-08 year-on-year. In the first 11 months of the year, industrial output increased by 13.7% from the same period in 2007. Worryingly, exports of industrial products fell 5.2% in Nov-08, year-on-year.
BCIA's passenger numbers rose 20% in Nov-08, continuing a post-Olympics recovery that commenced in Sep-08.
Beijing Capital International Airport passenger numbers growth and cargo volume growth: Dec-07 to Nov-08
But it is a domestic passenger recovery only at this stage, with international volumes only slightly positive in Nov-08, continuing the weak trend of much of 2008.
Beijing Capital International Airport passenger numbers growth (% year-on-year): Dec-07 to Nov-08
Shares in the operator of BCIA rose 1.5% yesterday, while Shanghai Airport and Guangzhou Baiyun Airport also rose 2.1% and 3.2%, respectively in a broadly higher Chinese share market.
Selected airports daily share price movements (% change): 17-Dec-08