• News
  • Technology
  • Culture
  • Entertainment
  • Sport
  • Travel
  • Music
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Monday, January 30, 2023
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
ADVERTISEMENT
Home Economic

How Has Covid Affected Global Trade?

by The FINANCIAL
July 26, 2021
in Economic
0
Euro area international trade in goods surplus €17.0 bn
Share on FacebookShare on Twitter

The FINANCIAL — Covid-19 (Covid) caused a significant decline in global trade in 2020, particularly in services trade. Also, imbalances in regional trade contributed to a significant rise in shipping costs. The Covid pandemic has caused significant disruption to global trade.

In 2020, global trade fell by 8.9%, the steepest drop since the global financial crisis, Bank of England notes.

Our analysis of Covid’s impact on global trade reveals three key trends.

RelatedPosts

If a blockchain became more critical to the financial system, how should it be governed?

China: Domestic and External Conditions are Leading to a Weakened Economic Outlook

EBRD and FAO mark 25 years of cooperation with US$ 5.5 million initiative

Remittances Grow 5% in 2022, Despite Global Headwinds

First, the pandemic affected services trade more than goods trade. Services trade fell by more than 20% in 2020, almost four times the decline in goods trade (Chart A).

Covid restrictions can explain this difference. While restrictions curtailed the service sector, goods trade recovered fast as factory shutdowns were limited and there was a surge in demand for some durable goods (eg furniture, carpets and appliances).

Chart A: Services trade has fallen more sharply than goods trade

Bars show 2020 total decline in trade, and split by good and services, and comparison with 2009 financial crisis.

Footnotes

  • Sources: IMF World Economic Outlook April 2021 and Bank calculations. Data show global trade volumes.

During the Covid shock, world trade fell by less than during the global financial crisis in 2009, despite a significantly larger decline in global GDP in 2020. This is because services represent the majority of economic activity in advanced economies, but only around a quarter of global trade.

Second, the impact of the Covid shock on trade was different across countries. In particular, the fall in Chinese trade was much smaller than in other regions. The recovery of Chinese trade was especially strong, supported by robust global demand for goods and China’s ability to reopen its domestic supply chains ahead of other countries, Bank of England notes.

Finally, the pandemic has had a significant impact on shipping costs, which have increased by around 350% since May 2020 (Chart B).

Chart B: Shipping costs have increased significantly

Line showing rise in Freightos Baltic Container Index from April 2020 to June 2021.

Footnotes

  • Sources: Freightos Baltic Index and Bank calculations.

Imbalances in regional trade brought about by the pandemic have contributed to the rise in shipping costs. In particular, increased demand for durable goods in locked-down economies, combined with Covid-related disruption in the ports of those countries, exacerbated the shortage of shipping containers. Containers became ‘stuck’ in the US and Europe rather than returned to Asia.

The shortage of shipping containers is likely to be temporary and ultimately fade. However, shipping costs could remain elevated in the near future, supported by the strength in manufacturing and the recent commodities boom, partly driven by the recovery in economic outlook across the globe.

Tags: covidglobalpandemictrade
ADVERTISEMENT
The FINANCIAL

The FINANCIAL

Since 2005

Related Posts

Blockchain technologies have potential to add $1.76 trn to global GDP by 2030
Economic

If a blockchain became more critical to the financial system, how should it be governed?

by The FINANCIAL
December 21, 2022
0

The FINANCIAL -- Distributed ledger technology (DLT) could reshape finance. But current approaches to how some blockchains (a form of...

Read more
New ADB Project to Showcase Elderly Care Options in the PRC

China: Domestic and External Conditions are Leading to a Weakened Economic Outlook

December 20, 2022
Serbia steps up partnership with FAO and EBRD for stronger agriculture

EBRD and FAO mark 25 years of cooperation with US$ 5.5 million initiative

December 20, 2022
Proponents of higher skilled migration intake in Germany outnumber opponents two to one

Remittances Grow 5% in 2022, Despite Global Headwinds

December 18, 2022
Next Post
Weight gain after smoking cessation

Investigating Diet Treatment for Long Covid

Please login to join discussion
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Vaccination

How many people died after COVID-19 Vaccination?

November 20, 2021
How to Check KRA Pin Using ID Number

How to Check KRA Pin Using ID Number

June 25, 2018
Full-dose blood thinners not a cure for critically ill COVID-19 patients

How many people have died as a result of a COVID-19 vaccine?

October 4, 2021
Rishi Sunak’s billionaire wife also runs these three companies. 

Rishi Sunak’s billionaire wife also runs these three companies. 

October 25, 2022
Startled sherman furnished repair gang kansas

Startled sherman furnished repair gang kansas

0
Ft. trace falling nixon recovery sacred

Ft. trace falling nixon recovery sacred

0
FIFA 16 review: A mammoth footy bit of magic

Prepare mounted cited perspective

0
Protest threatened hurt conferences observation precise

Protest threatened hurt conferences observation precise

0
What are the top 3 strategies for business automation?

Protected: Want Loyal Employees? Do This

January 26, 2023
Fugitive Extradited from Cameroon to the United States to Serve 80 Year Prison Sentence

Second Bank Employee Admits Role in Fraud Conspiracy

January 25, 2023
Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

January 25, 2023
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

January 25, 2023

Popular Last 24h

  • EasyJet to fly to London from Stockholm Arlanda

    The London Diplomatic List, Addresses, Contacts & Working Hours

    0 shares
    Share 0 Tweet 0
  • Pfizer Names Albert Bourla Chief Operating Officer

    0 shares
    Share 0 Tweet 0
  • 5 Assets To Store Your Wealth During Times Of Crisis

    0 shares
    Share 0 Tweet 0
  • How to Check KRA Pin Using ID Number

    0 shares
    Share 0 Tweet 0
  • Research: Is Portuguese real estate worth buying right now? (2022, Q3)

    0 shares
    Share 0 Tweet 0
  • YouPorn made TikTok like app for adults

    0 shares
    Share 0 Tweet 0
  • Reclaiming value with the right pricing strategies

    0 shares
    Share 0 Tweet 0

LATEST POSTS

What are the top 3 strategies for business automation?

Protected: Want Loyal Employees? Do This

January 26, 2023
Fugitive Extradited from Cameroon to the United States to Serve 80 Year Prison Sentence

Second Bank Employee Admits Role in Fraud Conspiracy

January 25, 2023
Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

January 25, 2023
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

January 25, 2023
Former CEO Of Email Security Company Sentenced To Five Years In Prison

Former CEO Of Email Security Company Sentenced To Five Years In Prison

January 25, 2023
Proven Forex Trading Strategies for Beginners

Trusted B2B Trading Platform

January 25, 2023
Part-time working can boost economy and bring economically inactive people back into work

Part-time working can boost economy and bring economically inactive people back into work

January 25, 2023
How to unlock your full investment potential

How to unlock your full investment potential

January 25, 2023
IFC, Canada Continue Supporting Sustainable Energy Financing in Lebanon

Nearly 900 Million Worldwide Wanted to Migrate in 2021

January 24, 2023
65% of Europeans see EU membership as a good thing, the highest result since 2007 

IPSOS Poll: Despite some softening, support for Ukraine is still strong across western countries

January 23, 2023

LATEST INTERVIEWS

Russian Patriarch Kirill Says Dying In Ukraine ‘Washes Away All Sins’

Interview: Why Putin Might Prefer A Stalemate To Going Nuclear On Ukraine

by The FINANCIAL
October 22, 2022
0

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

by Tengiz Pachkoria
August 11, 2022
0

“Green business is a key instrument to support business development in a sustainable way”

“Green business is a key instrument to support business development in a sustainable way”

by The FINANCIAL
July 27, 2022
0

Running an environmentally friendly business helps to reduce impact on the environment

Running an environmentally friendly business helps to reduce impact on the environment

by The FINANCIAL
July 27, 2022
0

Georgian Industrial Group Continuing to Implement Energy Efficient Projects and Contribute to Sustainable Business Development

Georgian Industrial Group Continuing to Implement Energy Efficient Projects and Contribute to Sustainable Business Development

by The FINANCIAL
July 27, 2022
0

“We have planted under 50 000 trees and seedings”

“We have planted under 50 000 trees and seedings”

by The FINANCIAL
July 27, 2022
0

The Committee on the Environment and Natural Resources of Georgia – The Role of the Public Sector in Promoting Green Business

The Committee on the Environment and Natural Resources of Georgia – The Role of the Public Sector in Promoting Green Business

by The FINANCIAL
July 27, 2022
0

Leading the way for Green Corporate Culture, With 100-step Environmental Program Completed RMG enters the New Phase of Green Development

Leading the way for Green Corporate Culture, With 100-step Environmental Program Completed RMG enters the New Phase of Green Development

by The FINANCIAL
July 27, 2022
0

Newsletter

ADVERTISEMENT

GET IN TOUCH

E-mail your company news at:

news (at) financial.ge Letters to the Editor: editor (at) finchannel.com

Local Marketing contact:

(+99532) 2252 275 | 76 EXT: 1 (+995 558) 03 03 03 (mobile) marketing (at) finchannel.com

Requests from abroad:

(+99532) 2252 275 | 76 EXT: 7 (+995599) 96 52 52 Email: zviadi (@) finchannel.com Contact video editor: E-mail: video (at) financial.ge

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.