The upward trends in global passenger and freight demand that started in the second half of last year and carried into 2017 may be starting to wane.
The International Air Transport Association reflected this situation in its February-March monitoring report, though IATA cautioned that the data are always more volatile at this time of year.
In seasonally adjusted terms, the level of revenue passenger kilometres (RPKs), which measures passenger traffic, was relatively unchanged in February, while the level of freight tonne kilometres (FTKs) dropped.
Even so, the year-on-year growth rate comparison remains favourable; RPKs were up 4.8% and FTKs 8.4% year-on-year in February (or 8.6% and 12% if adjusted for the extra day in February 2016), said the global airline industry body.
"As always at this time of year, the data are disrupted more than usual and it is too early to call an end to the strong upwards trend -- we will be seeking a clearer signal from upcoming data," said IATA.
Meanwhile, IATA said that industry-wide passenger load factor is holding steady at historical highs, while the freight load factor has slightly eased after a strong recovery in 2016.
Premium airfares continue to hold up better than economy, supporting airline finances.
Global airline share prices fell by 1.5% in March, unwinding recent gains, with a correction in the North American index more than offsetting modest gains in Europe and Asia-Pacific.
Brent crude oil prices fell in March, ending 6.4% lower at US$52.40 a barrel.
Oil prices are 30% higher compared with a year ago and are forecast to rise gradually over the next two to three years.