The nuclear and earthquake crises in Japan will cause the airline industry a “major slowdown” it will not start to recover from until at least the second half of 2011, industry body IATA said on Friday.
IATA said the most exposed international market to Japanese operations was China, where Japan accounts for 23 percent of its international revenues.
Taiwan and South Korea were equally exposed with 20 percent of their revenues related to Japanese operations, followed by Thailand (15 percent), the United States (12 percent), Hong Kong (11 percent) and Singapore (9 percent.
JET FUEL
Japan produces 3-4 percent of global jet fuel supply, some of which is exported to Asia, IATA said.
“Some of this refinery capacity has been lost due to damages caused by the earthquake,” it said. “This supply restriction could lead to higher jet fuel prices”.
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