International air freight traffic was 4.8 percent lower in October than a year previously, while international passenger traffic grew 4.6 percent but at a slowing pace, the International Air Transport Association (IATA) said.

"Cargo is the story of the month," IATA Director General and CEO Tony Tyler said in a statement. "Since mid-year the market has shrunk by almost 5 percent and this is far greater than the 1 percent fall in world trade. Air freight is among the first sectors to suffer when businesses' confidence declines."

Asia-Pacific carriers, with about 40 percent of global freight markets, were the most exposed to volatility in volumes, but were still benefiting from Asia's dominance in trade flows and had the highest freight load factor in the world, at 58.8 percent.

In international passenger traffic, IATA suggested the apparent strength might be unsustainable because European carriers saw 6.4 percent growth, much more than the global average, and that rate could be at risk from Europe's economic crisis.

Asia-Pacific airlines increased capacity by 7.5 percent but saw a slower take-up rate than their European rivals, with a 3.8 percent increase in demand.

By contrast, U.S. carriers maintained capacity at around the same level as a year ago and saw international traffic decline by 1.9 percent.

In the first 10 months of the year, airlines filled seats for 79.4 percent of the total distance traveled on domestic flights. In October, that figure rose to 80.1 percent, helped by capacity cuts in the United States and Japan, Reuters reported.