Amid fears of new infectious disease spread, United Nations Conference on Trade and Development (UNCTAD) in its latest report has said that the trade impact of the coronavirus epidemic for India is estimated to be about $348 million and the country figures among the top 15 economies most affected as slowdown of manufacturing in China disrupts world trade.
As per the report, the trade impact is estimated to be the most for the chemicals sector at $129 million, textiles and apparel at $64 million, automotive sector at $34 million, electrical machinery at $12 million, leather products at $13 million, metals and metal products at $27 million and wood products and furniture at $15 million.
UNCTAD further noted that among the most affected economies are the European Union ($15.6 billion), the United States ($5.8 billion), Japan ($5.2 billion), South Korea ($3.8 billion), Taiwan Province of China ($2.6 billion) and Vietnam ( $2.3 billion). However, it said that the trade impact for India is less as compared to other economies such as EU, the US, Japan and South Korea.