Association of Asia Pacific Airlines

There is, however, a somewhat brighter signal for the region's airlines.

The Association of Asia Pacific Airlines reported that its member carriers transported 30.4 million international passengers in September, up 0.7% from a year earlier.

The figure matters because it follows five consecutive months of declines.

Demand measured in revenue passenger kilometers increased by 5.9%, but available capacity grew even faster, by 6.8%.