UN says Coronavirus Covid-19 causes $ 50 billion in global export losses in February
After China ’s manufacturing boom hit a record low, the United Nations ’trade research institute expressed concerns about the global economy ’s impact on the chain, and gave specific numbers: in February, key components of China ’s automotive and mobile phone products' exports are expected to shrink by 2%, which may have cost other countries and their industries US $ 50 billion.
Pamela Cork-Hamilton, director of the United Nations Conference on Trade and Development's International Trade Department, told a news conference in Geneva that the $ 50 billion was only conservative estimates. This figure comes in part from the February manufacturing purchasing managers index released on Saturday, which has shrunk more than during the 2007-2008 financial crisis.
United Nations data show that the EU, the United States, Japan, South Korea and other countries suffered greater export losses due to the epidemic. Precision instruments, machinery, automobiles and communications equipment are the hardest hit industries. Japanese factories such as Canon and Toyota have also temporarily shut down or cut production due to unstable supply chains in China.
In the context of the global division of labor in the manufacturing industry, China's intermediate product trade accounts for one-fifth of global trade, and no country or region can replace China in a short time. Alessandro Nicita, an economist at the United Nations Conference on Trade and Development, said China has established a huge logistics and transportation network to ensure efficient cargo turnover. But he also thinks that manufacturers may have to consider diversified suppliers from the perspective of long-term planning.