The freight transport sector in the US, UK and eurozone has been struggling of late, with the number of shipments being made by air, road and sea falling steadily each month.

Although other parts of the world - including Asia - are performing better, it seems the lack of activity in the aforementioned three regions is hampering progress.

A new study by Fast Market Research showed that Singapore's freight industry is growing, but it is being dragged back by the US, UK and Europe - all of which are key markets.

Indeed, the report suggested that air cargo tonnage through the nation's Changi International Airport is expected to grow by 1.3 per cent in 2013 and should expand by a similar amount annually until 2017.

However, the Port of Singapore's gross tonnage will contract by six per cent this year, which is a significant blow. Activity at the port is predicted to increase by a modest 0.8 per cent per year from 2014 onwards.

Overall trade should grow by 4.2 per cent by 2017, but experts cannot help but think what this figure might have been if key global markets were performing more solidly.