Distortions and Gains in the Foreign Trade Activity During the Post-pandemic Era

Elena Banica and Artur Emilian Simion
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Artur Emilian Simion: National Institute of Statistics

Chapter Chapter 5 in The Economic and Social Impact of the COVID-19 Pandemic, 2024, pp 121-141 from Springer

Abstract: Abstract In 2020, there was a notable decline in the volume of global international trade, potentially one of the most significant since World War II. Drawing from the most recent statistical data on Romania’s foreign trade in goods and partners, and examining the economic landscape shaped by the conditions brought about by the COVID-19 pandemic, this section focuses on international trade activities in 2020 at the global, regional/European and national level. Worldwide, the trade in services saw a steeper decline, and its post-lockdown recovery has been more sluggish compared to the trade in goods. The drop in global trade in 2020 was less severe than during the global financial crisis of 2008–2009. However, the influence of COVID-19 was characterised by the variability in specific goods and trading partners. The composition of foreign trade by product category underwent changes due to significant disruptions in the international transportation sector. The unparalleled variability in the pandemic’s impact on trade witnessed in 2020 underscores the need for adaptability. It’s essential to pinpoint action plans and strategies to mitigate risks at both the corporate and governmental levels.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-031-47780-5_5

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DOI: 10.1007/978-3-031-47780-5_5

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