How Covid19 Pandemic has changed the scenario of Exports and Imports?
The world is witnessing the novel coronavirus (COVID-19) pandemic. There has been a significant loss of human lives and the global economy has also felt the impact severely. Global markets are in free fall with supply-chain disruption and manufacturing falling to the lowest levels in decades. Here are a few Statistics that How Covid19 Pandemic has changed the scenario of Exports and Imports?
A key thing to note is that exports have fallen across almost all of the commodity groups. Some commodities have registered a decline by over 30-40%. As an immediate aftermath of the spread of the COVID-19 pandemic to multiple countries, global demand has fallen significantly and many orders have been canceled. Further, the disruption of supply chains due to the ongoing lockdown has aggravated the poor performance of Indian exports and the situation is likely to worsen in the coming months before recovery starts.
Marine’s products and fastener tools have also seen the downfall impact in import and export. Around 32.07% of services are down due to this pandemic and this can be recovered after the end of this pandemic. There a huge loss to fasteners tools industries.
