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UNCTAD sees US$50 billion exports drop

The global coronavirus outbreak likely caused a US$50 billion decline in worldwide manufacturing exports from China in February alone, UNCTAD reported.

Chinese factory workers assembling and testing fiber optic systems
Chinese factory workers assembling and testing fiber optic systems (AN/Steve Jurvetson)

GENEVA (AN) — The global coronavirus outbreak likely caused a US$50 billion decline in worldwide manufacturing exports from China in February alone, the United Nations Conference on Trade and Development reported on Wednesday.

UNCTAD estimated the huge drop based on China’s official Purchasing Managers’ Index, which showed the lowest amount of factory activity since 2004 — worse even than during the 2008 global financial crisis. The huge fall implied a 2% reduction in exports on an annual basis.

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