Moreover, the IATA points out that air freight volumes experienced their first significant month-to-month improvement of 2009 in May, and IATA surveys of purchasing managers indicate the possibility of further improvement in air freight demand in June and July. Levels for those months are forecast to be only 12% to 15% below the same periods last year.

Nonetheless, the organization warns air freight companies and their landlords not to look on the changes as a sign the recession is ending. It says inventories that remain 10% to 15% higher than normal in relation to sales indicate a significant recovery is not expected in the near term. "We have lost several years of growth and yields are under severe pressure," says IATA director general and CEO Giovanni Bisignani. "Airlines are in survival mode. Cutting costs and conserving cash are the priorities."

According to the organization, May showed little geographical variation among markets. Latin American carriers were hardest hit, with traffic down 21%, followed by Africa at 20%, Europe at 19.2% percent and North America at 18.8%. The Middle East market fared by the best, with traffic declining only 3.7% on a year-over-year basis.

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