The coronavirus epidemic in China seriously affected the global economy and business. According to some experts, the spread of the virus will wipe out 1% of Chinese GDP growth and some evidence is on the table.

The analysts of Alphaliner are warning that the spread of coronavirus will reduce the container cargo volumes at Chinese ports by over 6 million TEU in Q1 2020. According to the estimates, this will cause a reduction of the global container throughput growth by at least 0.7% for the full year.

“The full impact of the Chinese coronavirus outbreak on container volumes will not be fully measurable until ports announce their throughput numbers for the first quarter, but data collected on weekly container vessel calls at key Chinese ports already shows a reduction of over 20% since 20 January”, says the weekly report of Alphaliner. “China industrial activity is severely impacted and operating at reduced rates to say the least. Construction activity, steel production, logistical chains, and imports are suffering, and this is evident in freight rates that are hovering at record lows across asset classes and geographies”, adds the statement.

The coronavirus epidemic already affected the oil demand for the year and commodity prices fell sharply. The same happened with other raw materials, as copper lost more than 12% from mid-January, entering into a strong bearish market.

Global car shipments are also likely to be massively effected too with a number of international auto manufacturers shuttering production in China and Hyundai Motor halting work at one of its production lines in Ulsan, Korea as it was unable to source necessary parts from China. Other automotive plants in Asia are understood to be preparing to scale back production as parts run thin.

The death toll from the monthlong coronavirus outbreak has continued to climb in China, rising to 490. New cases have surged by double-digit percentages in the past 11 days, with no sign of a slowdown. China’s National Health Commission said on Wednesday the number of confirmed infections in the country rose to 24,324 after an additional 3,887 people were diagnosed with the virus.