Transport Intelligence (Ti) has published a new study that highlights a major difference in fortunes between global sea and air freight.

While the sea transportation market was worth $63.23 billion (£41.4 billion) in 2012 - an increase of 11.5 per cent year-on-year - air cargo activity dropped by 4.2 per cent over the same period.

Although the latter was still valued at $62.6 billion, the fact it has entered a downward trajectory is a real concern.

A lack of activity in North America and Europe has blighted the industry, although there has been a marked improvement in certain parts of the world, most notably the Middle East.

Lead author of Ti's Global Freight Forwarding 2013 report Cathy Roberson said the overall freight industry recorded growth of 3.1 per cent in 2012 and she expects the sector to expand by 6.8 per cent between 2012 and 2016.

The outlook for sea freight may be positive, but Ms Roberson warned that challenges lie ahead: "Despite double-digit growth in 2012, the sea freight forwarding market is still vulnerable to long-term overcapacity and erratic rates."