Consumption and service sectors key factors in the global trade collapse during the COVID-19 crisis

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Title: Consumption and service sectors key factors in the global trade collapse during the COVID-19 crisis
Author: Simola, Heli
Organization: Bank of Finland
Series: Bank of Finland Bulletin. Blog
Year of publication: 2021
Publication date: 20.10.2021
Pages: 6
Subject (yso): pandemiat; vaikutukset; ulkomaankauppa; tuonti; kulutus; kysyntä; investoinnit; palvelut (toiminta); kriisit
Keywords: COVID-19; BOFIT
Other keywords: financial crisis; international trade; GFC
Abstract: The global economy and global trade flows have been hit hard by the COVID-19 crisis. The trade collapse in the second quarter of 2020 was even more severe than during the trough of the global financial crisis (GFC) in 2009. However, taking into account the substantial fall in the GDP of most countries during the COVID-19 crisis, the relative trade contraction seems milder compared with the GFC. During the GFC, the combined volume of the GDP in OECD countries contracted by about 5%, and the combined volume of imports of goods and services by 17% from peak to trough (Figure 1). The corresponding figures for the COVID-19 crisis were -12% and -20%, respectively. Trade has also recovered rapidly since the trough in the second quarter of 2020. Trade was almost back at pre-crisis level by the end of the year.
Note: The accessible version: https://www.bofbulletin.fi/en/blogs/2021/consumption-and-service-sectors-key-factors-in-the-global-trade-collapse-during-the-covid-19-crisis/
Link: http://www.bofbulletin.fi/
Rights: https://helda.helsinki.fi/bof/copyright


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