Covid-19: impact on trade
On 17th April, the European Commission published the results of the Directorate General Trade (DG Trade) economic analysis on 'the impact of the Covid-19 pandemic on global and EU trade'. The study estimates a 9.7% decrease in global trade for 2020.
For the EU27, this results in a reduction of 9.2% in extra-EU27 exports of goods and services, and an 8.8% decrease in extra-EU27 imports in 2020. In absolute terms, this amounts to a reduction of exports by about 285 billion EUR and by 240 billion EUR in extra-EU imports (goods and services combined). Manufacturing sectors see export contractions above 10%. In particular, electrical machinery turn out to be strongly affected.
DG Trade analysts will continue to monitor the economic impact of the Covid-19 crisis on trade and new trade projections will be issued in May.