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Corona costs global value chains $50bn in exports
Deshsangbad Desk
Published : Friday, 6 March, 2020 at 4:23 PM, Update: 27.03.2020 8:06:04 PM

The coronavirus (COVID-19) outbreak has caused a massive slowdown of manufacturing in China, disrupting world trade.

This disruption could result in a $50 billion decrease in exports across global value chains, according to estimates published by the United Nations Conference on Trade and Development (UNCTAD) on March 4.

China's manufacturing purchasing manager's index, a critical production index, fell by about 22 points to 37.5 in February. Such a fall in output indicates a 2% decrease in annual exports.

Since China has become such a central manufacturing hub of global business operations, a slowdown in its production will impact any country based on how reliant its industries are on Chinese suppliers.

UNCTAD Secretary-General Mukhisa Kituyi said:"In addition to grave threats to human life, the coronavirus outbreak carries serious risks for the global economy.

"Any slowdown in manufacturing in one part of the world will have a ripple effect in economic activity across the globe because of regional and global value chains," he added.

UNCTAD estimates suggest that the sectors most affected by the coronavirus outbreak include precision instruments, machinery, automotive and communication equipment.

Among the most affected economies are the European Union ($15.6 billion), the United States ($5.8 billion), Japan ($5.2 billion), Republic of Korea ($3.8 billion), Taiwan province of China ($2.6 billion) and Vietnam ($2.3 billion).


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