Volume growth in air freight markets across the world slowed to an average of 2.2% in 2015 compared to 5.0% in 2014, according to figures released by the International Air Transport Association.

Global air freight volumes showed gradual declines throughout the first half of the year but stabilized somewhat as a result of improvements to world trade.

“2015 was another very difficult year for air cargo,” said Tony Tyler, director general and CEO of IATA. “Growth has slowed and revenue is falling. In 2011 air cargo revenue peaked at US$67 billion. In 2016 we are not expecting revenue to exceed US$51 billion.”

The average freight load factor was 44.1%, compared to 45.7% in 2014. During some periods, it was even lower than that, falling to levels not seen since 2009, according to IATA.

The region with the highest growth was the Middle East, at 11.3%. IATA attributed the growth to the network expansion of carriers into emerging markets such as Africa, and to sustained growth in local economies.

The Asia-Pacific region grew 2.3% year-on-year. Starting from the third quarter, trade volumes picked up and, according to the association, the recent trend in monthly FTKs suggests that the declines have bottomed out, due to export growth in markets like Japan.

Tyler said gains in efficiency are critical as global supply chains shorten and market conditions become even more competitive.

“We have to adjust to the ‘new normal’ of cargo growing in line with general rates of economic expansion,” he said. “The industry is moving forward with an e-freight transformation that will modernize processes and improve the value proposition. The faster the industry can make that happen, the better.”