Dual Circulation Series Issue 2 – Integrating domestic and foreign trade

Trade & Economy
Dual Circulation Series Issue 2 – Integrating domestic and foreign trade

Since the outbreak of the COVID-19 pandemic, the global economy and supply chain has been significantly shaken. The World Trade Organization forecasts that world trade will fall by between 13 to 32 percent in 2020. As global demand continues to weaken and borders remain closed, numerous industries have been significantly affected. The export industry, in particular, is one of the industries that has been significantly hit. Large numbers of existing orders have either been delayed or cancelled since the pandemic transpired. Companies also remain extremely cautious and conservative with new order placements. In addition, intensifying geopolitical entanglements between China and the U.S. has further injected a cloud of uncertainty into the global economy.