United Nations: Coronavirus (Covid-19): Due to the Coronavirus Epidemic, exports of commodities from China to China worldwide could be reduced by 46 percent or $ 33.1 billion during 2020. According to a research report by the United Nations Conference on Trade and Development-UNCTAD, there can be a serious crisis facing economies dependent on exports of primary commodities like energy products, ores, and food grains.
UNCTAD’s research predicts global commodities exports to China will be reduced from $ 15.5 billion to $ 33.1 billion, and that global exports of commodities to China may decrease by $ 15.5 billion to $ 33.1 billion during 2020. This figure is 46 percent lower than earlier estimates of the coronavirus epidemic. According to the report, exports to developing countries depending on which can be reduced from $ 2.9 billion to $ 7.9 billion. The research report says that China accounts for one-fifth of global commodity exports and a fall there will have a major impact on primary commodities.
UNCTAD economist Marco Fuggaja, who conducted the study, said that by assessing the impact in China, general trends can be understood and this will help policy-makers to predict what the impact could be globally. He said that UNCTAD is still waiting for the data of some other big markets like the European Union so that more comprehensive analysis can be done.