A survey of airline CFOs and cargo heads conducted this month by IATA, reveals that the weakness and declines in cargo volumes earlier in 2015 have started to bottom out. The survey said that the outlook for cargo volumes remains positive, but noted that fewer (45 percent) respondents are expecting gains in the year ahead compared to the start of 2015 when 71 percent of respondents expected gain. That was the most recent peak of optimism for air cargo growth.

The drop in confidence can be blamed on China, slower growth in world trade and little improvement in global business confidence due to sluggishness in some emerging markets. Cargo yields are showing similar developments, with respondents saying that yield declined in the fourth quarter of 2015 compared to 2014. IATA states this suggests that yields will decline during the year ahead, which jibes with the view of respondents.

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