According to international traffic data released by the International Air Transport Association (IATA), air cargo demand dropped 21.7% in April compared with April 2008.

However, IATA says that airfreight demand appears to have found a solid floor with a fifth consecutive month at more than 20% below previous year levels.

"We are not out of the woods yet," said Giovanni Bisignani, IATA's director general & CEO. "Freight remains at shockingly low levels."

He added that while the worst may be over, there are no signs that recovery is imminent. Business confidence is improving, but the current high inventory levels adjust to more normal levels, airfreight volumes will likely continue to bounce along the bottom.

Carriers in all regions showed double digit declines:

Market shares in terms of FTK are:

With the challenges brought on by the global recession, flexibility has never been more important for the air transportation industry. But Bisignani says there's not enough flexibility; with airlines still constrained by old rules that restrict basic commercial freedoms such as access to markets and capital.

"Much of the cost base remains out of our control - from volatile fuel prices to monopoly infrastructure charges," said Bisignani. "And many governments simply don't understand the need for urgent change. We need a change in mindset. To manage through this ongoing crisis, every player in the air transport value chain must be prepared to drive change.

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