Airline members of the International Air Transport Association carried 3.7 percent more cargo in July than a year earlier. The slow growth was attributed to the violent conflict in the Middle East, which had been the fastest growing region for the past two years. Traffic results for the first seven months of the year show growth of 5.3 percent for freight over the same period last year.

Africa was the growth leader in freight in July. Freight ton kilometers in Africa improved by 20.6 percent as capacity in available ton kilometers increased only 7.8 percent, boosting the load factor. For the year to date, FTKs in Africa grew 7.4 percent while ATKs grew 6.7 percent.

In the Middle East, traffic grew by 15.2 percent in July. Year to date, volume growth was at the higher pace of 18.2 percent, with 16.2 percent growth in capacity. Middle Eastern traffic accounts for 7.7 percent of global traffic.

"For the first time in two years, Middle Eastern carriers were not the leaders in cargo or passenger growth," said Giovanni Bisignani, Director General and CEO of IATA. "While we expect to see another isolated dip in August due to the UK terror alert, overall, improved efficiency and high load factors will help to mitigate the impact of the high oil prices and bodes well for the bottom line. A disciplined focus on efficiency throughout the value chain is the tool that will return the industry to profitability," he said.