Global air freight markets grew 4.2% in November 2014 compared to November 2013, according to The International Air Transport Association (IATA). Capacity grew by 3.3% over the previous November. Compared to October 2014, air freight demand expanded by a healthy 0.8%.

The most significant growth was recorded by carriers in the Asia-Pacific and Middle East regions, at 5.9% and 12.9%, respectively. Carriers in these regions captured the vast majority of the global increase (93%). Carriers in Asia-Pacific accounted for 55% of the total year-on-year growth (with a market share of 39.7%), while airlines in the Middle East region contributed a further 38% of growth (with a market share of 13.3%).

An important development emerged at the end of 2014 which, if it continues, bodes well for air freight markets. Air freight is closely linked to world trade (by value about a third of goods traded internationally are shipped by air). Air cargo growth stagnated from 2011 as world trade volumes basically grew in tandem with domestic production. A strong growth trend in cross-border trade emerged over the second half of 2014 (while domestic industrial production remained stable) which has had a positive impact on air cargo volumes.

"More goods are being traded internationally and that is fueling the growth in air freight. It was clear in November that most of that growth is being captured by carriers in the dynamic and relatively business-friendly Asia-Pacific and Middle East regions. This year we expect air freight markets to expand by 4.5%, outpacing projected growth in world trade (4%). But that optimism is tempered by the many macro-economic and political risks that continue to impact trade flows," said Tony Tyler, IATA's Director General and CEO.