{"id":874,"date":"2020-04-06T08:02:07","date_gmt":"2020-04-06T08:02:07","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=874"},"modified":"2023-03-23T11:43:02","modified_gmt":"2023-03-23T03:43:02","slug":"how-the-coronavirus-is-changing-global-supply-chains","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/covid-19\/how-the-coronavirus-is-changing-global-supply-chains\/","title":{"rendered":"How The Coronavirus Is Changing Global Supply Chains"},"content":{"rendered":"\t\t
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Although the spread of COVID-19 within Hong Kong and China appears to be containable, exporter confidence has diminished as a result of the triple threat posed by the epidemic, softened global demand and Sino-US trade tensions \u2013 as evidenced by the recent HKTDC Export Index rating drop to 16 (from 18.8 last quarter). With consumer demand weakening across multiple industries, jewellery, watches and luxury goods were some of the most severely impacted products \u2013 faring only a score of 8 on the index.<\/span><\/p>\n

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According to a survey of 500 Hong Kong-based exporters, close to 94 percent stated that the coronavirus epidemic had adversely affected their companies\u2019 operations. \u201cSince the Sino-US trade dispute surfaced, many manufacturers have set up production lines outside the mainland to avoid additional tariffs,\u201d said Nicholas Kwan (HKTDC Director of Research). \u201cFollowing the COVID-19 outbreak, operations in some factories in the mainland \u2013 and even in Japan and Korea \u2013 have been suspended or have yet to fully resume, putting a strain on the global supply chain.\u201d<\/span><\/p>\n

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While exporters and manufacturers began pulling away from Hong Kong and China, Vietnam has quickly become an attractive alternative. Despite the country\u2019s congested traffic infrastructure and the rising costs of land and labour, Wendy Ma, HKTDC Assistant Principal Economist of Asian and Emerging Markets, noted that the Vietnamese Government is driving massive expansion of the country\u2019s infrastructure \u2013 most notably in Hai Phong, Cat Bi and Van Don. \u201cThese improvements have helped to make Vietnam\u2019s northern provinces much more attractive to overseas investors, and an electronics cluster is now taking shape.\u201d<\/span><\/p>\n

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\"HKTDC To learn more about how the coronavirus is reshaping Asia\u2019s exports and supply chains, click here<\/a><\/span><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Although the spread of COVID-19 within Hong Kong and China appears to be containable, exporter confidence has diminished as a result of the triple threat … <\/p>\n","protected":false},"author":2,"featured_media":4917,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43,364],"tags":[21,210],"class_list":["post-874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-covid-19","category-supply-chain","tag-covid-19","tag-global-supply-chain"],"yoast_head":"\nHow The Coronavirus Is Changing Global Supply Chains - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"Although the spread of COVID-19 within Hong Kong and China appears to be containable, exporter confidence has diminished as a result of the triple threat\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsbites.hktdc.com\/covid-19\/how-the-coronavirus-is-changing-global-supply-chains\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How The Coronavirus Is Changing Global Supply Chains - 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