The rise in global FTKs over the month adds to the possibility that the market might break out of the stagnation of the past 18 month.

This therefore shows there have been modest monthly increases in air freight volumes since April indicating global FTK volumes in July are the highest since mid-2011.

Meanwhile capacity increased by 3.4 percent, pushing load factor down to 43.3 percent, load factors stabilised compared to earlier in 2013.

The International Air Transport Association (IATA) reports that Asia Pacific cargo demand fell 1.4 percent and capacity increased 2.6 percent, indicating that Asia Pacific saw the largest regional decline in airfreight in the first seven months of 2013, with a contraction of 2.1 percent.

FTKs in Europe have been reported to increase by 1.5 percent, capacity increased by 3.5 percent and airfreight demand increased for the second consecutive month.

Moreover, FTKs declined 1.1% in North America and increased 14.4 percent in the Middle East. Capacity in the Middle East increased demand partly attributed to the timing of Ramadan while Cargo traffic in Latin America increased 3.1% and capacity increased 1.7 percent.

African airfreight contracted by 4.9 percent due to “intense” competition and despite “relatively supportive” demand.

IATA posited a “cautiously positive” outlook for airfreight markets, based on slight improvements in global business confidence and export orders.

The association said positive developments in Europe and the US may generate demand for Asian manufactured goods in 2H2013.

Tony Tyler, IATA Director General purported that the growth is encouraging, particularly in Europe.

He however concludes that it is premature to say that air cargo may be emerging from the melancholy of the past 18 months in that the weakness in Asia-Pacific freight markets and the deteriorating political situation in parts of the Middle East gave ample reason for continued caution.