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Coronavirus to hit world trade
Measures to control the spread of the coronavirus are hitting world trade. China’s factories remain closed and airlines are cancelling passenger flights to and from China. Although most cargo flights are continuing operations for now, more than half of air freight is shipped via passenger aircraft and therefore dependent on these flights departing. Worldwide air freight has a value of $6 trillion, accounting for a third of world trade. At Schiphol Airport, one of the major European freight hubs, 17% of incoming freight originates from China. While cancelled flights are a logistical constraint on world trade, ... (full story)