China's exports and imports likely fell in January after a brief rebound at...
BEIJING - China’s exports and imports likely fell in January after a brief rebound at the end of last year, a Reuters poll showed, and a rapidly spreading virus outbreak could disrupt its global trade for months to come.
Imports likely fell 6% from a year earlier in January, a sharp contrast with 16.5% growth in the previous month. In a bid to contain the virus, authorities have implemented widespread curbs on transportation and other tough public health measures that are already weighing heavily on the travel, tourism and retail sectors. Analysts are forecasting a sharp drop in first-quarter economic growth.
“So far 14 provinces and cities across China, including main industrial centers of Shanghai, Jiangsu, Guangdong and Fujian have told businesses not to reopen until at least Feb. 10...These places account for around 70% of China’s GDP and 80% of its exports,” analysts with Capital Economics said in a note, adding that extended factory closures would affect supply chains in the rest of Asia.
The manager of a state-backed logistics firm in Ningbo said that the waiting time has swelled to “at least four days” to unload river barges due to staffing shortages.
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