Continued weakness in the Eurozone has cast a shadow over the recovery in the global air cargo market, according to the International Air Transport Association.
Yesterday the IATA said global freight demand grew by 2 per cent year-on-year in February, a sign that the market was starting to strengthen.
“February’s air cargo performance has sustained the weak recovery that began in the fourth quarter of 2012,” it said.
“This is welcome news after two consecutive years of contraction. It is even better news that this growth is expected to pick up moderately as the year progresses.”
“But improvements cannot be taken for granted. Events in Cyprus have reminded us that the euro zone crisis is far from over.”
Seasonally adjusted figures showed cargo volumes were 2.5 per cent above a low point reached in October 2012, but comparisons with February 2012 show a 6.2 per cent decline.
The IATA said distortions had led to the lower comparison with last year's February data, but the figures masked what was actually a two per cent rise in air cargo rates.
“This is severely skewed as a result of two factors (1) February 2012 has an extra day owing to the Leap Year and (2) Chinese New Year (which is accompanied by many factory closings in Asia) occurred in January 2012 and in February 2013,” the IATA said.