Global air cargo volumes may be on the rebound, according to data released by the International Air Transport Association.

While total volumes for November 2015, measured in freight tonne-kilometres, fell 1.2% year-on-year, a comparison with October 2015 shows that the market actually grew 0.9%.

IATA said that the decline was mostly due to a particularly strong November 2014, and that the trend over the past few months could indicate that the declines are slowly improving as a result of more stable trade volumes.

“The freight performance in November was a mixed bag,” said Tony Tyler, director general and CEO of IATA. “Although the headline growth rate fell again, and the global economic outlook remains fragile, it appears that parts of Asia-Pacific are growing again and globally, export orders are looking better. In fact, the downward trend in FTK volumes appears to be bottoming out. But there is a great deal of uncertainty. The current volatility of stock markets shows how much the health of the global economy – upon which air cargo depends – remains on a knife-edge.”

All regions experienced negative year-on-year growth in November 2015 except the Middle East, where carriers recorded an increase of 5.4%.

The total industry load factor stood at 46.8% compared to 49.6% in November 2014, but improved by 0.6% when compared to October 2015.

The association said that it is still too early to say if the “cautiously positive” development can be sustained.