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“The share of exports to China in Japan’s total good exports is close to 20%, and the share of exports to China in Japan’s GDP is around 3%,” Billi Diviney and Aline Schuiling, senior economists at ABN AMRO.

Key quotes

“For the eurozone these shares are 8% and 1.5% respectively. Within the eurozone, Germany would (again) be the country that is hit hardest by the slowdown in industry and exports, with the share of exports to China in Germany’s GDP at 3%.”

“For comparison, the US’s trade exposure to China is much smaller, with the share of exports to China in GDP at just 0.5%. On top of this, tourism from China has also become a rising source of income for Japan. It is now 1% of GDP – up sharply from just 0.3% in 2012.”

“This is important, because as the SARS episode taught us, the hit to tourism is one of the main sources of economic spillovers from such an outbreak. For the eurozone, the share of tourism in GDP is more limited, at just 0.1%. Italy and France are the two eurozone countries that would suffer the most, but related to their GDP the impact is still rather small.”

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