Supply of auto parts, electronic goods, pharma products, and many more items are taking a hit as corona virus scare spreads globally. The Wuhan virus which has prolonged for more than two weeks now is affecting trade adversely.
Traders said that bilateral trade with Southeast Asian countries like Singapore, Malaysia and South Korea will also witness many disruptions. Airlines to and from China is also suspended following the outbreak of the life-threatening virus. Air India and IndiGo, have suspended their flights to China and Hong Kong.
Many are deferring their travel while others are cancelling meetings. As per latest media reports an estimated 700 people infected with the deadly disease have succumbed. Speaking to media, Ajay Sahai, Director General & CEO, the Federation of Indian Export Organisations (FIEO), said that shipments from China are being postponed following the outbreak of coronavirus in Hubei province.
Animesh Saxena, the President of Federation of Indian Micro Small & Medium Enterprises (FISME), said that if the situation persists it will take a toll on trade. India imports electronic goods and auto components from China in a big way and we are anticipating disruptions in the supply chain of these industries.
Economists see a sense of fear developing among business classes and if the situation prolongs it will impact travel and trade badly.
