Latin American economies send Miami airport cargo into tailspin
Latin American economies are being blamed by county officials for
the lion's share of an 11.2% dip in volume of foreign freight recorded
in July at Miami International Airport.
officials Tuesday cited volatile markets in Colombia and Venezuela
two of South Florida's top trading partners as the reason
for a decline to 110,504 tons of freight.
airport's most recent international freight projections forecasted
an overall decline of about 4% or 1.46 million tons
for the entire year.
freight has been lagging all year down 3.5% from January through
June 2000 when compared to the same months in 1999. But, the recent
11.2% decrease reflects the steepest drop yet.
Villamil, CEO of Washington Economics Group, said he's not surprised.
Venezuela, the economy is in recession," he said. "Colombia
has major problems relating to civil order. There is a significant
amount of flight capital leaving those countries."
and real estate companies here, he said, are seeing a significant
increase in Venezuelans and Colombians depositing money here or investing
in local real estate.
citizens do not have confidence in their own country," Mr. Villamil
said, "obviously trade and investment will suffer."
the positive side, Miami aviation officials said domestic freight
in July rose 5.5%, or 23,309 tons.
Villamil said he doesn't anticipate the international freight picture
to improve this year.
and domestic travel at the airport dropped 1.7% and 5.8% respectively
in the month, figures showed. Competitive ticket prices for passenger
flights at Fort Lauderdale-Hollywood International Airport is cited
by officials as partly the reason for Miami's losses.
foreign and domestic passenger totals fell 3.7% in July, according
to Miami-Dade Aviation reports.