Author: Verschuur, Jasper; Koks, Elco; Hall, Jim
Title: The implications of large-scale containment policies on global maritime trade during the COVID-19 pandemic Cord-id: x23h7aan Document date: 2020_10_29
ID: x23h7aan
Snippet: The implementation of large-scale containment measures by governments to contain the spread of the COVID-19 virus has resulted in a large supply and demand shock throughout the global economy. Here, we use empirical vessel tracking data and a newly developed algorithm to estimate the global maritime trade losses during the first eight months of the pandemic. Our results show widespread trade losses on a port level with the largest absolute losses found for ports in China, the Middle-East and Wes
Document: The implementation of large-scale containment measures by governments to contain the spread of the COVID-19 virus has resulted in a large supply and demand shock throughout the global economy. Here, we use empirical vessel tracking data and a newly developed algorithm to estimate the global maritime trade losses during the first eight months of the pandemic. Our results show widespread trade losses on a port level with the largest absolute losses found for ports in China, the Middle-East and Western Europe, associated with the collapse of specific supply-chains (e.g. oil, vehicle manufacturing). In total, we estimate that global maritime trade reduced by -7.0% to -9.6% during the first eight months of 2020, which is equal to around 206-286 million tonnes in volume losses and up to 225-412 billion USD in value losses. The fishery, mining and quarrying, electrical equipment and machinery manufacturing, and transport equipment manufacturing sectors are hit hardest, with losses up to 11.8%. Moreover, we find a large geographical disparity in losses, with some small islands developing states and low-income economies suffering the largest relative trade losses. We find a clear negative impact of COVID-19 related business and public transport closures on country-wide exports. Overall, we show how real-time indicators of economic activity can support governments and international organisations in economic recovery efforts and allocate funds to the hardest hit economies and sectors.
Search related documents:
Co phrase search for related documents- Try single phrases listed below for: 1
Co phrase search for related documents, hyperlinks ordered by date