In a snapshot of the cargo industry, whose health is seen as a barometer for the state of international trade, IATA said that improved cargo yields had boosted revenues by 30 to 40 percent in the first quarter.
While the Icelandic volcanic ash plume caused a temporary dent, most regions are now experiencing growth at a rate of 20 percent or higher, the Geneva-based industry group found.
"Considerable momentum appears to remain for the near term," its report found.
International trade in goods rose at a 22 percent annual rate in the first quarter, and ocean freight has also recovered well with volumes up 20 percent and yields up 50 percent or more, IATA estimated.
"All ocean transport modes now show that world trade was rising very strongly in the first quarter of 2010," it said, while stressing that large numbers of shippers chose to use air transport instead to get their goods delivered quickly.
The United States, for instance, shipped around 30 percent of its exports by value using air transport from January to March, IATA estimated.
"Rising oil prices have been raising the unit value of ocean trade but air cargo has nonetheless maintained its share of value due to the recent strength of volumes, as shippers have switched from ocean to air as time became more important as the economy recovered," it said.
"Heads of cargo reported that they remained confident that revenues would continue to expand strongly over the next 12 months," the report found, citing an April business confidence survey among IATA members.
But IATA warned that freight growth could slow somewhat in the second half of the year now that inventories have been restocked.
"Manufacturers and retailers no longer need to ship goods to restock shelves and warehouses," it said. "Freight growth in the second half of 2010 will slow and will depend on how fast consumer and business capital spending grows."
The Geneva-based organisation, which roundly criticised European authorities for the lengthy airspace closures following eruptions from an Icelandic volcano starting in April, said the ash plume only temporarily interrupted freight volume growth.
IATA's 230 member airlines include British Airways , United Airlines and Cathay Pacific as well as freight specialists like FedEx and UPS Airlines. (Reuters)
