2 ★ F I N A N C I A L T I M E S Monday 9 March 2020
FINANCIAL TIMES
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[email protected]S u e - L i n W o n g — H o n g Ko n gChina’s exports plummeted in the first
two months of the year as the coronavi-
rus outbreak disrupted global supply
chains, damped business activity and
blocked transport across the world’s
second-largest economy.China’s overall exports contracted by
17.2 per cent in dollar terms in January
and February, more than was expected
by economists polled by Bloomberg.
Imports fell by 4 per cent. China posted
a trade deficit of $7.1bn in the first two
months of the year, official figures
released over the weekend showed.
The contraction in trade was mainly
due to the outbreak and lunar new year
holiday, China’s customs administration
said in a statement on its website.
The slowing of imports raises doubts
on whether China will be able to meet
the targets laid out in its recent trade
deal with the US. China has agreed to
buy $200bn more US goods than it did
in 2017, the baseline before the start of
the trade war between the world’s top
economies, over the course of two years.
But imports from the US rose just 2.
per cent year on year in January andFebruary. Exports to the US fell almost
28 per cent.
“I think this is a typical supply shock
at the first glance as imports look much
better than exports. Basically manufac-
turers imported raw materials but were
unable to produce and export due to
shutdown of the production and logis-
tics,” said Zhou Hao, senior emerging
markets economist at Commerzbank.
“If the demand can’t recover, which is
probably the case due to virus spreadglobally, China’s imports would also fur-
ther soften going forward.”
Imports of commodities rose with
soyabean purchases rising 14.2 per cent,
coal rising 33.1 per cent and iron ore up
1.5 per cent.
China’s trade data in January and
February are normally volatile due to
seasonal distortions caused by the
long lunar new year holiday when busi-
nesses shut down and factory produc-
tion and port operations are disrupted.But the coronavirus outbreak has
exacerbated the negative economic
impact. China has imposed draconian
quarantine measures and travel restric-
tions across large swaths of the country.
China’s dismal trade figures come
after factory activity plunged to a record
low last month, indicating a massive
contraction in manufacturing and serv-
ice sector activity last month.
More than 80 per cent of 2,552 foreign
trading companies in China have
returned to work, according to a survey
by China’s customs administration
released at the weekend.
However, less than a third of small
and medium-sized businesses, which
employ almost 80 per cent of China’s
labour force, are operating normally,
the Ministry of Industry and Informa-
tion Technology said last week.
This is the first time that China has
combined the release of January and
February trade data, bringing it into line
with how some other major Chinese
economic indicators are released early
in the year. The move is intended to
smooth out seasonal variations.
Additional reporting by Don Weinland in
BeijingGlobal supply chains
Chinese exports tumble 17% as outbreak takes its toll
More than 80% of foreign trade companies are back at work — Zhu Xudong/Xinhua/APwhether their country would put in
place military checkpoints in the man-
ner of China’s Hubei province, or if such
action was even logistically possible in
the heart of Europe.
Milan — with a population of 1.3m and
home to a host of high-profile compa-
nies from the UniCredit bank to the
high-end Versace fashion label — has
continued to put on a brave face as it
seeks to avoid a complete shutdown,
even as schools are closed and compa-
nies request staff to work from home.
Italy’s main stock exchange in Milan
will open for trading as normal today
even though other facilities in the nor-
mally bustling international business
and tourism destination are likely to be
closed. According to the Italian govern-
ment’s emergency decree, all museums,
gyms, swimming pools will be shut,
while cafés and restaurants will only be
allowed to be open for limited hours.
Lorenzo Scalchi, a social worker living
in Milan, was another of those who
decided to escape to his home city ofVicenza as quickly as he could. “I
thought I’d be stuck in Lombardy so I
went back home, but now I’m living in a
state of uncertainty. I left all my belong-
ings in my Milan flat and I don’t know
when I’ll be able to go back and get
them,” he said.
While the lockdown on Sunday was
still not being strictly enforced, other
parts of Italy made clear to those trying
to leave the region they were not
welcome.
Italy’s poor southern regions, which
for the country’s history as a unified
state have exported internal migrant
workers to the wealthier north, are
warning against anyone trying to flee
there from the quarantined areas.
Addressing fleeing fellow citizens,
Michele Emiliano, president of Puglia,
the heel of Italy’s “boot”, said on Sun-
day: “I speak to you as if you were my
children... stop and go back. Get off at
the first train station, do not catch
planes, turn your cars around... Do
not bring the Lombardy, Veneto andM i l e s J o h n s o n a n d Dav i d e G h i g l i o n e
With the stroke of a pen in the early
hours of yesterday, Giuseppe Conte
placed much of northern Italy in an
emergency lockdown unseen outside of
wartime.
“We are facing a national emergency,”
the Italian prime minister said at a 2am
press conference as he announced his
most drastic attempt yet to contain the
largest coronavirus outbreak outside
Asia.
Lombardy, one of the wealthiest parts
of Europe with an economy larger than
either Ireland and Portugal, would be
put under emergency quarantine, along
with more than a dozen other provinces
in neighbouring regions. This includes a
host of affluent Italian cities such as
Milan, Parma and Venice.
Overnight, 16m people — more than a
quarter of Italy’s population — living in
the regions at the centre of the worst
coronavirus outbreak outside Asia were
confronted with the threat of being
trapped inside a hastily erected cordon
sanitaire. The virus has killed 366 people
in Italy and infected more than 7,
following a dramatic jump in the rates
over the weekend. The vast majority
have been in Lombardy.
Late on Saturday, as news began to
leak of Mr Conte’s plans, web designer
Stefano Poggi and his girlfriend were
among those who raced to Milan’s cen-
tral rail terminal with a plan to catch a
train out of the city, fearing they would
be stuck if they did not.
“When we heard about the lockdown,
we rushed to the station with just the
essentials. We didn’t want to risk being
stuck here forever,” he said. “We
decided against seeing our parents to
avoid spreading the virus, in case we are
sick and we do not know,” he added.
Yet yesterday, with roads into Lom-
bardy still open, planes still flying from
the region’s airports, and trains running
to and from Milan as normal, a state of
shock and confusion hung over Italy.
Citizens were forced to contemplate
Lombardy and surrounding
provinces have been put
under emergency quarantine
Empty seats:
AC Milan’s
Samu Castillejo
takes a corner
kick in an empty
stadium during
the Serie A
match against
Genoa at the San
Siro stadium,
Milan, yesterday
Spada/LaPresse/APEmilia-Romagna epidemic to Puglia.”
Yesterday, in the southern region of
Campagnia, police officers and medics
wearing protective suits picked up pas-
sengers who had travelled on an over-
night train from Lombardy to ensure
they went into self-quarantine.
In Milan, wine bar owner Carolina
Grespi said she was extremely worried
about the damage being inflicted on her
business. “We have to pay our suppliers
and employees, as an independent busi-
ness, we can’t survive like this for long,”
she said.
“I don’t want to think what could hap-
pen if the lockdown goes on like this,”
she said. “Everyone is scared and it feels
really weird for a city like Milan that is
normally fully operational 24/7.”
Silvia Boccardi, another Milan resi-
dent, said she was not sure whether to
leave her house. “Streets and parks are
completely empty. People are really
nervous and scared, as soon as someone
has a fever, they immediately panic. I
don’t know what to do.”National crisis. Decree
Quarter of Italians forced into lockdown
D e m e t r i S e va sto p u lo — Wa s h i n gto n
A White House coronavirus expert yes-
terday warned that the rising number of
cases in the US was making it harder to
determine how people were contracting
the virus, intensifying concerns about
people attending large events.
Anthony Fauci, head of the US
National Institute of Allergy and Infec-
tious Diseases, said health authorities
were “getting a better sense” of the
scope of the outbreak. But he was wor-
ried about the growing incidence of
“community spread” — where the
source of the virus is unknown.
“We are getting a better sense [about
the scope] as the days go by. Unfortu-
nately, that better sense is not encourag-
ing because we are seeing community
spread,” Mr Fauci said. “Whenever you
see community spread, you can do con-
tact tracing, but as more communities
spread it, it becomes logistically more
difficult.”
His comments came one day after
Washington and the neighbouring state
of Virginia announced their first cases,
along with Kansas and Missouri. Mary-
land declared a state of emergency last
week after three people who had trav-
elled overseas tested positive. On Satur-
day, there were two new cases in Mary-
land, including one that appeared to be
“community spread”.
One of the two cases in Washington
was a man who had no apparent contact
with other victims of the virus.
Andrew Cuomo, the New York gover-
nor, also declared a state of emergency
on Saturday after the number of cases inthe state rose to 76, out of the more than
300 across the US.
The growing number of cases comes
amid criticism of how the administra-
tion of Donald Trump is handling the
outbreak, and particularly at how the
president has discussed the outbreak in
his formal and off-the-cuff remarks.
Larry Hogan, Maryland’s Republican
governor, said it was a “smart move” to
put Mike Pence, vice-president, in
charge of the virus task force but he was
worried about the rhetoric Mr Trump
was using. “I would say he hasn’t com-
municated the way I would.”
Mr Trump yesterday tweeted that his
team had a “perfectly co-ordinated and
fine-tuned plan” and that the “Fake
News Media is doing everything possi-
ble to make us look bad. Sad!”
On Saturday, Mr Trump said he was
“not concerned at all” that several cases
had been identified around the US capi-tal. Organisers of the Conservative Polit-
ical Action Conference, a four-day event
held last week in Maryland, said one
person at the event — which was also
attended by Mr Trump and Mr Pence —
now had the virus.
Mr Trump said he would continue to
hold rallies as he campaigns for re-elec-
tion. Mr Fauci said that if the number of
“community spread” cases increase, it
would make large events a bigger risk.
The Associated Press on Saturday
said the White House had overruled
health officials who had proposed that
elderly and fragile people be advised not
to fly. Stephanie Grisham, White House
press secretary, denied the story.
Meanwhile, The Grand Princess, a
cruise ship that had been prevented
from docking in San Francisco because
21 crew and passengers had contracted
the virus, is expected to enter Oakland
port today.Transmission
US expert warns on community spread
Concern intensifies as
number of cases with
unknown source rises
c o r o n av i r u s
Germany calls for football matches
and concerts to be cancelledCases so far:
Jens Spahn, German health minister, yesterday recom-
mended that officials should cancel all events with
more than 1,000 participants to slow the spread of the
coronavirus in Europe’s largest economy.
The move could affect football matches, trade shows
and concerts. “I am aware of the consequences this will
have for citizens as well as organisers,” he said. By yes-
terday, 847 people in Germany had tested positive for
the virus, 50 more than a day earlier.Saudi Arabia locks down oil-rich region
of Qatif where all 11 cases recordedSaudi Arabia has temporarily locked down the region of
Qatif in the oil-rich eastern province as coronavirus
infections in the area accelerate.
The state news agency reported yesterday that all 11
Saudi cases had been recorded among residents of
Qatif, a district to the north of Dammam. An official
source at the interior ministry said access would be
blocked, though residents could return to their homes,
and government and private business would be closed.China quarantine hotel collapse kills 10
Hospitals in northern Iran struggle
to cope with number of infectedAn Iranian member of parliament has warned that up
to 40 people are dying every day in the northern prov-
ince of Gilan and hospitals have run out of beds. A
shortage of equipment has also led to many doctors and
nurses becoming infected with the virus.
Gholam Ali Jafarzadeh, an MP from Gilan province,
said: “Many people are buried every day with the symp-
toms of corona but their number is not included in offi-
cial figures.” Tehran denies any cover-up.El Salvador bars entry to travellers
from six affected countriesEl Salvador, which has no known cases of coronavirus,
has barred entry to travellers from six badly affected
countries in a protective measure, President Nayib
Bukele said.
On Saturday night, the president tweeted that people
arriving from France and Germany, or who had passed
through transit in those countries, would not be
allowed entry. He had already barred arrivals from
China, South Korea, Italy and Iran.Ten people in China have died and 23 remain trapped in a
collapsed hotel that was repurposed as a quarantine site
in the south-eastern province of Fujian, the official
Xinhua news agency reported yesterday.>100,
Global number of confirmed cases of Covid-
Source: World Health Organization
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