Air freight has improved slightly in August, according to the International Air Transport Association's (IATA's) latest report.

Global freight volumes are said to be reaching levels similar to those in 2011 - when cargo revenue peaked at $67 billion (£41 million) - with current figures at $59 billion.

IATA states demand for air freight in August was up 3.6 per cent compared to a year ago, a strong improvement over the year-to-date expansion of 0.7 per cent.

Overall the association notes a slow increase for air cargo since April in line with business confidence. The eurozone stabilized in the second quarter of this year, with an increase in import volumes. August marked a 27-month high for export orders in the euro area, which IATA predicts will result in stronger growth in the following months.

However, it believes improvements from airlines in the Asia-Pacific region will be needed for a strong upturn. These airlines account for 38 per cent of the market share, yet their performance in August was 0.2 per cent below that of a year before.