Coronavirus wipes USD 50 billion From global Exports in February
UN economists announced a likely USD 50 billion drop in worldwide manufacturing exports in February alone as the extent of the damage to the global economy caused by novel coronavirus COVID-19 moved further into focus.
Citing the China Manufacturing Purchasing Manager's Index (PMI), Pamela Coke-Hamilton, who heads UNCTAD's Division on International Trade and Commodities, said that it had fallen to 37.5 - a drop of about 20 points the lowest reading since 2004.
This also correlates directly to exports and also implies a two per cent drop in overall exports, she said, with a resulting ripple effect worldwide to the tune of a USD 50 billion fall in exports.
Because China has become the main supplier of finished products and so-called intermediate products used in countless industrie...