The outbreak of the coronavirus epidemic has hit global demand, but the impact of the contagion on China’s foreign trade is only temporary, the Chinese Ministry of Commerce said. According to the institution, Beijing will introduce more targeted measures to support the process of stabilizing supply chains.

The epidemic, which killed more than 3,000 people and infected more than 80,000 in mainland China, has caused a record shrinkage in the country’s large manufacturing sector, with companies shrinking production and losing orders.

The virus curtailed employee movements blocked international logistics, and hit world trade, especially for intermediate goods, said the foreign trade department at the Commerce Ministry, during a news conference. Consumer market sales in China stabilized at the end of February as people gradually returned to work after efforts to curb the fire in some places were successful, adds the Commerce Department.

On Wednesday, a United Nations agency (UN) said exports from China of vital parts and components for products ranging from cars to mobile phones may have shrunk by 2% year-on-year in February, costing other countries and their industries 50 billion USD.

According to the Chinese Ministry of Commerce, exporters face considerable difficulties in maintaining orders, securing market share and supply under their contracts, but the fluctuations in trade growth caused by health emergencies are still within reasonable limits.

Amid concerns that the spread of the virus in South Korea and Japan could mean a second wave of disturbance for Chinese factories, Li said imports of electronic products and parts – for which China relies heavily on its neighbors – have so far remained stable growth.