According to the latest issue of the International Air Transport Association’s Cargo Market Analysis, air freight tonne kilometres (FTKs) grew by 7.4% year-on-year in the three months ended January – a robust pace by historical standards. That said, the quarterly seasonally adjusted (SA) pace of volume growth slowed once again. Demand for air freight has been boosted since mid-2016 by the stronger economic and trade backdrop, bottlenecks in manufacturing supply chains, and a broader inventory restocking cycle. Recent protectionist measures pose risks to global trade, but business surveys still point to solid annual FTK growth of around 5.6% in Q2

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