FOR IMMEDIATE RELEASE

19th October 2001

(Hong Kong, Oct 19th, 2001) Hong Kong Air Cargo Terminals Ltd (Hactl) today reported that its third quarter air cargo throughput registered further volume decline compared with the same period last year, primarily attributable to continued weakness in the export trade to the U.S. and key sectors in the intra-Asia trade.

In September, Hactl handled a total of 139,120 tonnes, representing a year-on-year reduction of 11.1%. Total tonnage handled by Hactl for the third quarter and for the first nine months were 388,190 tonnes and 1,123,069 tonnes, down 13.4% and 10.1% respectively compared with the same periods last year.

"Volume throughput during the latter half of September held up reasonably well after the resumption of flights to/from North America", said Summit Chan, Hactl's Director of Marketing and Customer Service . "This is, however, mostly due to the pre-National day holiday rush to clear cargoes."

Overall export volumes reduced by 14.4% year-on-year in the third quarter, heavily weighed down by the U.S. sector that plummeted 22%. Almost all other key sectors registered double-digit decline during the period, with the exception of China which grew by 3.8%.

Aggregate import volumes fell by 12% for the quarter and 7.5% for the year to date. Imports from other Asian countries, which account for well over 50% of the total import trade, dropped by 16.3% in the third quarter compared with the same period last year. This is likely a reflection of the continued weakness in the electronics and telecommunications sectors.

"There are some signs indicating the rate of volume decline is stablising in the short run, but the pace of economic recovery, particularly in the U.S., is very uncertain at the moment. It is very difficult to construct an optimistic case in the first half of 2002, against the backdrop of recent U.S. figures. China is one of the few markets with reasonable growth prospects in the near future, fuelled by robust domestic demands and increased trade activities as a result of WTO entry," said Summit Chan.

Hactl's Tonnage Report for 3rd Quarter 2001
Tonnes	July-01	Aug-01	Sep-01	Cumulative (Jul-Sep 01)	Cumulative (Jan-Sep 01)
Import	46,839	44,352	47,718	138,911	420,543
Growth rate against '00	-12.0%	-12.2%	-12.0%	-12.0%	-7.5%
Export	59,331	64,352	70,194	193,877	541,942
Growth rate against '00	-18.8%	-13.0%	-11.6%	-14.4%	-13.7%
Transshipment	16,528	17,342	21,209	55,402	160,584
Growth rate against '00	-15.5%	-16.6%	-7.5%	-13.0%	-3.2%
Total	122,698	126,046	139,120	388,190	1,123,069
Growth rate against '00	-15.9%	-13.2%	-11.1%	-13.4%	-10.1%

Editor's note - the above tonnage figures refer to cargoes handled by Hactl only. In 2000, Hactl handled 1.75m tonnes of the total 2.24m tonnes of air cargo throughput in Hong Kong.

Issued by Hong Kong Air Cargo Terminals Limited. For enquiries, please contact
Lilian Chan - Manager, Corporate Communications
Tel (852) 2753 2042

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