Penang air freight volumes take a hit The electronics and semi-conductor focused Malaysian island of Penang has taken a hit from the global economic downturn, with Penang Freight Forwarders Association (PAFFA) president Joachim Loo saying December was the worst month in the past seven years for the air freight business. ¡°For the air-freight business, the inbound segment dropped by 52 per cent in December to 2,838 tonnes from 5,850 tonnes a year earlier. The export segment declined by 32 per cent in December to 4,971 tonnes from 7,505 tonnes previously,¡± he told StarBiz. For the fourth quarter, imports and exports dropped by 35 and 23 per cent respectively, compared with the corresponding quarter in 2007, he added. PAFFA vice-president (air freight division) P. Kalimuthu said electronics and semi-conductor products comprised between 60 and 70 per cent of the goods exported from Penang via air. ¡°The rest are products from the garment industry and other manufacturing concerns. This is why when the electronics and semiconductor industry overseas enters recession, we will be badly affected as well,¡± he said.