The New England Bank analyzed the impact of the epidemic on global trade and found that: First, the impact of the epidemic on trade in services is greater than that on trade in goods. In 2020, global trade in services fell by more than 20%, almost four times the decline in trade in goods. Second, the impact of the epidemic varies greatly among countries. For example, China's trade has fallen less than other regions, and trade has recovered more strongly. Third, the epidemic has a huge impact on transportation costs. Since May 2020, transportation costs have increased by nearly 350%, mainly due to regional trade imbalances caused by the epidemic. The shortage of transport containers is only temporary and will gradually improve.
Source: World Economic Forum website
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