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IATA has issued a five-year forecast for air cargo which shows a compound annual growth rate (CAGR) of 4.1% up to 2018. But, warns the association, there remain several risks to the industry, not least trade protectionism. It also notes that volume imbalances will continue, but – strangely – omits any mention of overcapacity.  There are several points of interest: the UAE will overtake Germany as the third-largest market, India will see a 6.8% CAGR, taking it to 622,000 additional tonnes and giving it a place in the top ten largest markets, while Europe and North America will grow at 3% CAGR and 2.8% respectively.