Over recent months airlines saw freight volumes stall, load factors weaken and yields continue to decline;
These developments reflect the pause in business confidence improvement and slowing in world trade growth;
Nonetheless, current levels of business confidence continue to indicate a modest pick-up in economic growth this year,
And consumer confidence in Europe and the US has made some progress recently;
Both of these factors should provide support to air freight demand in the months ahead;
Finally, although current conditions are tough, cargo heads surveyed in April are optimistic;
They expect both volumes and yields to improve over the next 12 months.
