Cargo traffic growth at Hong Kong International Airport slowed down sharply in June in a new sign that rising fuel costs are cutting into air cargo demand.

Tonnage at the world's largest international cargo airport grew 2.4 percent compared to the same month a year ago. The light expansion followed two straight months of 7.3 percent gains in the cargo business at Hong Kong.

June's slowdown included just a 0.9 percent gain in imported cargo.

The slackening demand cut into business at Asia Airfreight Terminals, the airport's No. 2 cargo handler, which saw tonnage in June fall 4 percent from the same month last year. The slide included a 12 percent decline in imported cargo.

Airline industry executives say they are seeing a growing move by shippers to ocean container lines as jet fuel prices have pushed beyond $4 a gallon.