• Air freight markets are starting to show signs of renewed growth with another rise in July;
• Global FTKs were up 1.2% in July year-on-year, slightly better than the 0.9% growth in June;
• There was also a 0.5% expansion in July compared to June, increasing likelihood air freight could break out of 18mth-long stagnation;
• However, the factors supporting the current improvement in air freight volumes remain shaky;
• European airlines contributed to the rise in global FTKs in July, but recovery in Eurozone economies has been patchy;
• Moreover, airlines in Asia Pacific, the key manufacturing center, have not seen any improvement in air freight demand;
• Air freight load factors have stabilized, but remain low as capacity continues to increase through the passenger business;
• The outlook for air freight markets is cautiously positive - business confidence has improved slightly and exports orders are up;
• But positive developments in Europe and the US have yet to translate into growing demand for Asian manufactured goods.
   

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