Categories: Business

Commodity exports to China will decline by 46 percent in 2020, losses could be $ 33.1 billion

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Commodity exports to China could fall by 33.1 billion dollar in 2020

United Nations. Commodity exports to China from around the world could decline by 46 percent or $ 33.1 billion during 2020 due to the Corona virus epidemic. According to a research report by the United Nations Trade and Development Conference (UNCTAD), such economies dependent on exports of primary commodities such as energy products, ores and foodgrains can pose a serious crisis.

UNCTAD's research found that global exports of commodities to China could decline by $ 15.5 billion to $ 33.1 billion during 2020. This figure is 46 percent lower than earlier estimates of the corona virus 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 said that China accounts for one-fifth of global commodity exports and a fall there would have a major impact on primary commodities. UNCTAD economist Marco Fuggaja, who conducted the study, said that general trends can be understood by assessing the impact in China and this will help policy-makers to predict what the impact might be globally. He said that UNCTAD is still awaiting data from some other big markets like the European Union, so that a more comprehensive analysis can be done.

This post was published on June 3, 2020 3:14 pm

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