The lockdowns imposed during the coronavirus pandemic in trade partner countries accounted for some 60% of the decline in imports in the first half of 2020, the International Monetary Fund (IMF) said on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 12th April, 2022) The lockdowns imposed during the coronavirus pandemic in trade partner countries accounted for some 60% of the decline in imports in the first half of 2020, the International Monetary Fund (IMF) said on Tuesday.
"Trade partner lockdowns accounted, on average, for up to 60 percent of the decline in imports in the first half of 2020. These impacts were larger in industries that rely heavily on global value chains and are further downstream in the production process (such as electronics)," the IMF said in a blog based on information in the World Economic Outlook for April.
The IMF said while the supply and demand shocks caused by coronavirus pandemic measures were due to lead to a collapse in trade, the international commerce has proven to be more resilient than during previous global crises."
"While goods trade fell sharply in the second quarter of 2020, it bounced back to pre-pandemic levels later in the year. The decline for services in 2020 (such as tourism) was worse, and has recovered more slowly, given persistent restrictions to contain infection in some countries," the IMF said.
Asian countries that were hit early by the pandemic saw an increase in their market share of global value chain-related products, the IMF also said.
"(They saw) 4.6 percentage points in Europe, and 2.3 percentage points in North America. These gains were large and quick by historical standards but as countries adjusted to the pandemic, they've partially unwound, suggesting that the changes were likely temporary," the IMF added.
