Scientific India|May - June 2020
Many studies say COVID-19 is a supply as well as a demand shock. Both aspects have affected international trade in goods and services. COVID-19, as a supply shock, has led to fall in the exports, and mostly in the nations that are most severely hit. On the other hand, as a demand shock, the pandemic has led to fall in the imports, mostly in the trade partners of the nations that are most severely hit.
Statistics reveal, by early March 2020, the COVID19 epidemic was very much centered in China, with over 90% of the reported cases located there. The human toll is already dramatic, with disruption to business and personal routines via pandemic-induced quarantine, mobility limitations, and work closures – first in China, and then spreading worldwide. Gradually, surpassing China, other countries like USA, Spain and Italy (in order) topped the list of nations with maximum number of reported COVID-19 cases (at the time of writing this article), as per Worldometer data.
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May - June 2020