b'Market UpdatesAir Cargo to fill in the gap left behind by passenger airlines.Inaddition,airlinesarelookingintorepurposingtheirpassenger aircraft for cargo conveyance. Scoot was the firstfew that has started operating cargo-only passenger flightsfrom Singapore to Nanjing and Guangzhou in China. Changialso handled such flights from foreign airlines including AirChina, Cathay Pacific and Vietnam Airlines.Inter-regional Capacity Comparison2531 Mar 2020 vs 2019 (CAAS) 2020325-312019 1.12""(SSP)Thousand tonnesFreighter Passenger3.5"Asia Pacific to Europe to Asia Pacific to "(EASP)Intra-Asia Pacific North America North America Europe20192JP Morgan (PMI)47.2326 -35% 74 -17% 64 -52% 53 -30% 200961 38% 12% 52% 37 54% 212 65% 201918% 31 26% 23% 46% 82% 62% 88% 35% 77% 48% 74% 2019 2020 2019 2020 2019 2020 2019 2020Includes express operatorsGlobal PMI (IHS Markit and JPMorgan Chase) (IHS MarkitJPMorgan Chase)More than ever, air freight is instrumental in transporting54.0vitalcommoditiessuchasfoodandmedicalsupplies and in the fight against the virus. In addition, air freight isessentialinkeepingtheglobaleconomymovingand52.5ensuring supply chain continuity. In supporting the aviation sector, the Singapore Government, Civil Aviation Authority51.0of Singapore (CAAS) and Changi were quick to announce a $112 million Stabilisation and Support Package (SSP) to49.5safeguard Singapores air connectivity amidst the outbreak as a key objective. As the Covid-19 worsens, the $350 million48.0Enhanced Aviation Support Package (EASP) was introduced to provide further cost relief to the aviation sector.46.5Covid-19ishurtingbusinessesandthewidereconomy.2017201820192020 Economicactivitiesarefastdeclining.JPMorganGlobal PMIjustrecordedthefastestdropinFebruaryto47.2. Manufacturing output has fallen to its lowest since 2009, reflecting the decrease in global good exports. Businesses have reported falling demand and reduction in the supply of raw and intermediate materials. Looking ahead, as the world battles with Covid-19, we would need to be prepared foraglobaleconomicslowdownasconsumerdemand weakens and business spending declines. The air freight industryisespeciallysusceptibletoglobaleconomic activities. Changi will work closely with our local air cargo communitytoensureefficientrunningofouraircargo hub operations and to support the sector to tide over this difficult period.8 Changi Cargo Insight'