Middle Eastern carriers have seen a “V-shaped recovery” in airfreight volumes in September, which have been affected because of Covid-19, IATA has said in a report. 
The regional carriers reported a decline of 2.5% in year-on-year international cargo volumes in September, but that is a significant improvement from the 6.7% fall in August, IATA said.
The region was one of the most severely affected by Covid-19. However, due to regional airlines aggressively adding capacity following the peak of the crisis, it has seen a sharp V-shaped recovery. International capacity decreased by 23.5%. IATA’s September data for global air freight markets showed that air cargo demand, while strengthening, remains depressed compared to 2019 levels. 
Global demand, measured in cargo tonne-kilometres (CTKs), was 8% below previous-year levels in September (-9.9% for international operations). 
That is an improvement from the 12.1% year-on-year drop recorded in August. Month-on-month demand grew by 3.7% in September.  
Global capacity, measured in available cargo tonne-kilometres (ACTKs), shrank by 25.2% in September (28% for international operations) compared to the previous year. That is nearly three times larger than the contraction in demand, indicating a severe lack of capacity in the market. Strong regional variations are emerging with North American and African carriers reporting year-on-year gains in demand (+1.5% and +9.7% respectively), while all other regions remained in negative territory compared to a year earlier, IATA said.
Improving performance is aligned with improvements in the following key economic indicators:
The new export orders component of the manufacturing Purchasing Managers’ Index rose above the 50-mark, indicating growth, for the first time since mid-2018 and the World Trade Organisation (WTO) revised their 2020 trade growth forecast from -12.9% to -9.2%. IATA’s Director General and CEO Alexandre de Juniac said, “Air cargo volumes are down on 2019, but they are a world apart from the extreme difficulties in the passenger business. For air cargo, 92% of the business is still there, whereas about 90% of international passenger traffic has disappeared. 
“Favourable indicators for the peak year-end season will support the continued recovery in demand. Already North American and African carriers are reporting demand gains on 2019. 
The challenge continues to be on capacity. As carriers adjust schedules to reflect falling passenger demand amid the resurgence of Covid-19, valuable belly capacity will be lost when it is needed the most.”