Global air freight jumped 12.7 percent in May compared to last year, according to the International Air Transport Association (IATA), when measured by freight ton kilometers.
In April, growth was 8.7 percent, and the five-year average growth rate is 3.8 percent.
Capacity, measured by available freight ton kilometers, increased 5.2 percent.
All regions, with the exception of Latin America, witnessed double-digit growth.
Africa had the highest year-on-year increase from 2016 at 27.6 percent followed by North America at 13.8 percent and Europe at 15 percent.
“May was another good month for air cargo,” IATA Director General and CEO Alexandre de Juniac said. “Demand growth accelerated, bolstered by strong export orders. And that outpaced capacity growth which should be positive for yields. But the industry can’t afford to rest on its laurels. With indications that the cyclical growth period may have peaked, the onus is on the industry to improve its value proposition by accelerating process modernization and enhancing customer-centricity.”
A sign growth may have peaked is the fact the inventory-to-sales ratio has begun to rise. When the ratio is low, companies seek to replenish inventory quickly and cargo volume grows.
IATA forecasts air freight demand will grow 8 percent during the third quarter.