China F&A Monthly: April 2020

On April 8, the Chinese government lifted the 76-day lockdown in Wuhan, the epicenter of the coronavirus outbreak in the country. With the reopening of all cities, China will be one of the first in the world on the road to recovery, but it will be bumpy.

Report summary

There are still concerns over imported cases and rising asymptomatic cases, which are preventing a fuller resumption of consumption. Moreover, economic downturn and a high unemployment rate are associated with lower consumer spending as a result of their effects on income, although the income elasticity of food & beverage is generally low. Meanwhile, the global coronavirus pandemic is escalating around the world, which poses threats to the international food supply chain. Potential supply-side disruptions could lead to rising prices in products with high import dependency, such as soymeal, shrimp, beef, etc. Weak overseas demand will also impede the export of Chinese agricultural products.

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  • Ping Chew

    Head of RaboResearch Food & Agribusiness - Asia
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  • Sandy Chen

    Senior Analyst - Dairy
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  • Chenjun Pan

    Senior Analyst - Animal Protein
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  • Lief Chiang

    Analyst - Grains & Oilseeds
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  • Jingyan Sun

    Analyst - Farm Inputs
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  • Stacie Wan

    Analyst – Supply Chains and Beverages
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  • Michelle Huang

    Analyst – Consumer Foods
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