IATA Data Shows Steady Recovery of Airfreight, FedEx Expects to Normalize Until 2021

Airfreight volume fell more than 20% year over year (YoY) in May, according to the latest numbers from the International Air Transport Association (IATA). Freight capacity fell nearly 35% YoY in May and international belly capacity fell by about 66% YoY as a result of passenger flight cancellations due to the pandemic, according to IATA.​ "The gap between demand and capacity shows the challenge in finding the space on the aircraft still flying to get goods to market," IATA CEO Alexandre de Juniac said in a statement. "The prospects for air cargo remain stronger than for the passenger business, but the future is very uncertain." IATA called the May numbers an "initial recovery" as supply and demand for airfreight showed growth compared to April. A stabilizing manufacturing industry and new export orders helped power the month-over-month growth, the association said.