India would also be among the ten largest international freight markets by 2018 led by the United States supplying 10,054,000 tonnes and China with 5,639,000 tonnes, the International Air Transport Association's (IATA) Industry Forecast 2014-2018 shows.
It estimated that "the second fastest-growing market, India, will experience a compound annual growth rate (CAGR) of 6.8 per cent to add 622,000 extra tonnes."
Noting that global freight volumes were expected to rise annually by 4.1 per cent over the next five years, it showed the largest air freight traffic share last year was within Asia Pacific (21.6 per cent), followed by Europe-Asia Pacific (12.3 per cent) and North and Mid-Pacific (10 per cent).
Observing that air cargo remained vital to the global economic system, IATA chief Tony Tyler said more than USD 6.8 trillion worth of goods, equivalent to 35 per cent of total world trade by value, would be transported around the world by air in 2014.
He quoted World Trade Organization data to show that between November 2013 and May 2014 alone, 112 new trade- restrictive measures were enacted by G-20 governments.
"Geopolitical concerns, volatility of oil prices and competition from rail and sea could also affect this forecast. The air cargo industry certainly cannot afford to be complacent," Tyler said.