While previously the global economic trend has been defined by robust emerging economies and stagnant growth in developed markets, the strongest improvements in business confidence are now occurring in some developed economies. Nevertheless, overall business confidence, which is a key indicator for airfreight, continues to be weak.

From May to June, global freight volumes increased by 0.8 percent. A quarter of that improvement was captured by European airlines which saw a 0.9-percent improvement in demand compared to May, and 2.6 percent up compared to June 2012. In contrast, Asia-Pacific carriers (the biggest players in global airfreight) and North American airlines recorded year-on-year declines of 1.8 percent and 1.2 percent, respectively.

"It's too early to tell if June was a positive turning point after 18 months of stagnation. Airfreight volumes are at their highest since mid-2011, but that good news needs to be tempered with a dose of reality. The global economic environment remains weak, and the basis for the acceleration of air cargo growth in June appears to be fragile," said Tony Tyler, IATA's director general and CEO.

Earlier this month IATA released the July edition of its Airline Business Confidence Index which showed nearly 58 percent of respondents expecting freight volumes to increase over the next year. Despite this, a much greater percentage of respondents (72.2 percent) see no change in weak cargo yields despite their expected increase in demand over the same period. The macro-economic trend remains challenging. Recent declines in global export orders do not bode well for trade growth.

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