Global Sources Responds to COVID-19 Crisis with US$37.5 Million War Chest
The COVID-19 pandemic is still a growing crisis, affecting 203 countries and territories around the world and recording almost a million cases as of April 2 . As a medical crisis, it poses a colossal impact on human lives, and it also presents an unprecedented challenge to the global economy.
The World Economic Forum reports that the economic impact of COVID-19 is already more severe than SARS or MERS , and the World Trade Organization sees a further decline in world trade in the coming months as governments continue to grapple with the economic fallout , while bracing for the peak in the number of infections. Nonetheless, it remains important for countries to keep trade flows open and supply chains connected, according to the WTO.
“Keeping trade and investment flowing will be critical to keep shelves plentiful and prices affordable,” said director-general Roberto Azevêdo. “Once the medical crisis begins to recede, trade will allow countries to help each other grow, bringing faster and stronger economic recovery for all of us .”
Global Sources remains in the forefront of international trade at a critical juncture of the COVID-19 crisis. As early as February, Global Sources has launched the Fight the Epidemic Care Plan, rolling out a RMB266 million (about US$37.5 million) war chest to arm exporters and manufacturers with online services and advertising credits to mitigate the economic impact of COVID-19.
Global Sources CEO Hu Wei said, “Global Sources firmly supports the development of new foreign trade formats and is actively responding to the epidemic situation. Global Sources is innovating and optimizing its sourcing platform, helping businesses to use its online resources to connect with overseas buyers and overcome difficulties.”
Our data shows that buyers continued to contact our suppliers from mainland China: despite the challenging first quarter of 2020, the number of inquiries on our online platform, GlobalSources.com, rose sharply in January 2020. And we remain optimistic about the months ahead as China’s manufacturing sector revs up its engine after a short hiatus in February.
Government data shows that the official purchasing manager’s index—a survey of sentiment among factory workers—was 52 in March, indicating an expansion in the manufacturing economy compared to an all-time low of 35.7 during the previous month .
Following the easing of quarantine and lockdown measures in China, factories have resumed their operations and are ready to meet international export orders and demands.
GlobalSources.com has a map and running list of verified manufacturers and suppliers who are open for business, where buyers may continue on to request for information and place sample orders.
And with major global events cancelled and international travel disrupted, Global Sources’ digital services offer buyers sourcing solutions at the touch of their fingertips. Match Express connects importers to verified suppliers by simply filling out a form on our website, while our mobile app provides suppliers’ product details, quotations, and messaging tools anytime of the day.
We are also hard at work preparing for the Global Sources 2020 trade shows to be held from October 11 to 30, 2020. We look forward to seeing you in Hong Kong this fall.
There is no doubt that economies worldwide have taken a hit and the coming months will remain challenging. It is our goal that our financial aid and round-the-clock services continue to facilitate, rather than restrict, global trade; that at a time of self-isolation, we still find means for international cooperation.