"GENEVA, Jan 29 (Reuters) - International air freight traffic plunged 22.6 percent in December compared to a year earlier, an "unprecedented and shocking" free fall that signals a broader slump in world trade, industry data showed on Thursday.

The International Air Transport Association said airlines faced one of their toughest years ever, with cross-border passenger traffic dropping 4.6 percent year-on-year in December, even after a boost from advance bookings of holiday travel.

The data is also bad news for the broader global economy -- in value terms, a third of world trade is in goods sent by air.

"Keep your seatbelts fastened and prepare for a bumpy ride and a hard landing," warned IATA Director-General Giovanni Bisignani.

"The 22.6 percent drop in international cargo traffic in December puts us in uncharted territory and the bottom is nowhere in sight," Bisignani, previously chief executive of Air Italia, added.

All regions showed major declines in international freight traffic, according to IATA. Asia-Pacific carriers, who make up 45 percent of the air cargo market, were hit hardest.

"The collapse in the airline industry's freight business is a reflection of 20-30 percent declines in export and import volumes being reported across Asia, North America and Europe as the global recession plumbs new depths in December," it said."

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