The International Air Transport Association has described a recent decline in air cargo as a temporary stall.
Figures released by the IATA showed that Global Freight Tonne Kilometres (FTKs) were down 2.3 per cent in March, compared to March last year.
They also showed that the improvement in air cargo growth rates that began towards the end of 2012 had ceased.
“The March decline in air cargo is most likely a temporary stall, said Tony Tyler, IATA’s director general and CEO.
“The fundamentals for a sustained improvement in air cargo volumes are in place. Business confidence continues to signal forthcoming expansion, and the solid increase in new export orders seen in 2013 should boost air freight in the coming months.”
With the Middle East and Africa the only regions to show an expansion, Asia-Pacific, which comprises 38.5 per cent of the overall market, showed the biggest weakness with a loss of 3.3 per cent in terms of freight volumes.
The US and Europe had the largest percentage falls with 5.2 per cent and 4 per cent respectively.
“Much of the current weakness is coming from Asia-Pacific airlines. While the region is economically strong, the economies of its trading partners are not, added Tyler.
“The Eurozone is showing renewed weakness and the negative impact of US budget cuts is yet to be fully measured.”