: Coronavirus impacts trade, no takers of stocked Chinese goods in the market: CAIT #FinanceIndia #StockMarketNEWS Coronavirus impacts trade, no takers of stocked Chinese goods in the market: CAIT New

@StockMarketNEWS Thu 12 Mar, 2020

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Coronavirus impacts trade, no takers of stocked Chinese goods in the market: CAIT #FinanceIndia #StockMarketNEWS
Coronavirus impacts trade, no takers of stocked Chinese goods in the market: CAIT New Delhi, Mar 6 (KNN) Coronavirus outbreak has turned out to be a nightmare. It has become a reason that is keeping people away from Chinese goods.

Not only the consumers but even traders across the country, who are not turning up to Delhi for their Holi and other purchases resulting in importers of Chinese goods in a fix who have piled up an inventory of Chinese goods imported even before the virus was detected.

As per an estimate, Holi related Chinese goods worth about 500 crores of rupees are lying with importers of Delhi, Mumbai, Banglore, and Chennai whereas as per an estimate Chinese goods worth about Rs. 3000 crores is lying in supply chain across Country.

The Confederation of All India Traders regretted that hype has been created in the country on Coronavirus, which has generated an unnecessary panic across the country which has badly impacted Indian market as slowly the consumers are refraining in visiting markets resulting in a gradual loss in business.

B.C. Bhartia, National President & Praveen Khandelwal, Secretary-General of Confederation of All India Traders (CAIT) said, “The impact of the Coronavirus is quite visible on other products also which have been imported from China. Taking a safe passage, the consumers are totally staying away from Chinese goods having a fear that the goods might be infected from Coronavirus”.

“Even the retail traders are least interested in procuring Chinese goods due to a shift in consumer behaviour. Though not necessarily the goods are virus affected but yes the market at large is keeping a distance with Chinese goods so also the consumers”. they said.

Both of them further said that as a normal business practice, the importers keep a buffer stock from 45 days to 60 days with them and in proportion to that procures Chinese goods shipments at regular intervals. The Coronavirus broke in late December 2019 and came into limelight in 1st week of January when China locked down its industries and about 18 cities were completely closed bring a complete lockdown in the production of goods.

Talking about Indo-China trading, B.C. Bhartiya and Khandelwal said that India is a prime importer of Chinese goods which plays a significant role in maintaining the supply chain in India. So far the buffer stock of 45-60 days have kept the supply chain interrupted. However, such buffer stock is now going to be finished and thereafter the supply chain may get affected.

“The indifferent attitude of both retailers & consumers towards Chinese goods because of COVID-19 has refrained them to buy even the goods which were imported from China even before COVID-19 broke”. they said.

The CAIT has urged the Government to take precautionary actions in ensuring effective and sustainable supply chain across Country. (KNN/SS)