Exports world over will see a decrease of 50 billion dollars in the wake of Corona Virus, according to United Nations Conference on Trade and Development (UNCTAD). The manufacturing sector in China has slowed down that has disrupted world trade, the UN organisation said.
The UNCTAD published this in its recent estimates. In the estimates, the organisation says that China’s
Purchasing Manager’s Index (PMI), which is the production index, fell points. This figure is the lowest since 2004. This reduction in the index means two per cent reduction in exports on a yearly basis.
China is now the manufacturing hub. A reduction in the production will reflect in the world trade, the UNCTAD said.
UNCTAD Secretary-General Mukhisa Kituyi said that Corona Virus not only had adverse impact on the life but also on the economy. The slowdown in one part of the globe is reflected in other regions, Kituyi said.
The worst effected sectors are precision instruments, automotive, communication equipment and machinery, the UNCTAD said. The UN organisation also said that European Union was the most affected. United States of America, Japan, The Republic of Korea, Taiwan Province of China and Viet Nam fall behind the European union.