Global demand for air freight slowed in May, according to data from the International Air Transport Association (IATA) which shows that freight tonne kilometers (FTKs) fell to 0.9 per cent year-on-year despite a 4.9 per cent increase to available capacity.  

This was largely down to a 0.7 per cent drop in FTK from Asia Pacific, a meagre decline but it packs a punch considering the region possesses more than a third of the global freight market (38.9 per cent).

A 9.7 per cent decline in Latin America’s air freight activity had less impact on the top-line global figure due to its 2.8 per cent market share.

There were areas of growth though as Europe and the Middle East saw FTK increase by 4.5 and 3.2 per cent respectively in May.

IATA CEO and director general Tony Tyler said: "Global trade has basically moved sideways since the end of 2014 taking air cargo with it.

“Hopes for a stronger 2016 are fading as economic and political uncertainty increases.

“Air cargo is vital to the global economy. But the business environment is extremely difficult and there are few signs of any immediate relief.”

2015 saw global air cargo volume growth slow to 2.2 per cent, after FTK increased by five per cent the year before.

After air cargo revenue peaked at $67 billion (£51.8 bn) in 2011, IATA doesn’t expect turnover to exceed $51 billion (£39.43bn) in 2016.