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ASSESSMENT ON THE EFFECTS OF COVID 19 ON INTERNATIONAL TRADE

  • Department: BUSINESS ADMINISTRATION
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  • Pages: 54
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VOLUME I

INTRODUCTION

BASE OF THE STUDY CONTEXT

Both the speed of disease transmission and the abrupt disruption of value chains caused by the implementation of almost synchronized worldwide containment efforts distinguish the current COVID pandemic from earlier ones. This global economic collapse is the result of the latter. With regard to new arrivals, openness to and reliance on trade, as well as the pace and rigority of government preventative action in Africa, the COVID-19 pandemic has diverse implications on communities and economies, notably in Africa. The impact of COVID-19 on international commerce, logistics, and tourism has been carefully examined in Mauritius and elsewhere by the international economics team. The impact of the coronavirus on the global economy was evaluated using a variety of methodologies. Figures released by UNCTAD (2020) show that in terms of trade, the European Union (USD 15.6), the United States (USD 5.8), and Japan (USD 5.2 billion) are three of the most heavily impacted economies. COVID-19's short-term and direct-trade effects are hard to pin down, but market shortages are restricted to China and supply capacity is consistent across the rest of the world, according to this study. According to Maliszewska et al. (2020), if the global GDP drops by 2%, underdeveloped nations would lose 2.5% GDP, while advanced countries will lose 1.8% GDP, if they are affected by a worldwide pandemic. If the epidemic spreads faster, the declines will be four times greater. Where trade and/or tourism are most intertwined and/or play a vital role in economic development, 3.9% of global GDP will be lost as a result of an all-encompassing pandemic pandemic. The economies of nations in Sub-Saharan Africa (SSA) and the Middle East and North Africa (MENA) would suffer the least, with a decline in GDP of just 3%.

The most immediate business impact of the new coronavirus pandemic was the quick surge in worldwide demand for the accompanying COVID-19 medical supplies, which exceeded existing domestic capacity and resulted to increasing import demand and higher prices. According to the World Bank, export limitations implemented by big nations facing a scarcity of medical masks contribute to higher prices.

A DETAILED OUTLINE OF THE ISSUE.

As a result of COVID-19, direct supply disruptions (local/regional lockdown and forced production stoppage), higher transport costs as a result of enforced rules, and the contagion effect of supply chains, which increased shocks to direct supply (the manufacturing industry in less affected countries found them harder and more expensive) (delayed purchases & investments).

Both the nations where the pandemic is occurring and the economies that are heavily dependent on trade with these countries (forward/backward linkages in global value chains, GVCs) are impacted. The global economy's sensitivity to the shock was heightened by greater disruption and certain supply chain management ideas (only in time and lean manufacturing with limited input stockpiles). However, due of the nature of value-added chains at the company level, the impact is unequal. GVCs, such as China, Italy, Spain, and Germany, are more severely affected (as in the case of the car sector) and are dependent on regional and international hubs that have been significantly impacted.

Capital markets have been negatively impacted by the surge in global volatility. Complex consequences might arise when corporations cut their investment levels due to increased volatility and decreasing demand (lower accumulation, lower growth rates). Individual nations and economic groupings have attempted ineffective efforts to ease the crisis once again, with negative consequences for public finances and global debt levels near to 2007-2008 levels. This enhances the probability of a W-form situation (the initially assumed V-shape with a strong recession followed by sharp recovery is already highly unlikely).

THE STUDY'S OVERALL PURPOSE

Here are the main goals of this study:

Examine how Covid 19 affects international commerce.

To see whether the epidemic has affected the flow of goods and services into and out of the country.

INVESTIGATIVE OBJECTIVE

What is the impact of the Covid 19 on foreign trade?

Has the import/export of products and services been hampered by Covid 19?

STUDY'S IMPORTANCE.

Researchers and academics interested in learning more about this study will profit from this research, as well as the nations participating in trade and the government.

GOAL OF THE RESEARCH

Nigeria will be the focus of this study, which aims to examine the impact of covid 19 on international commerce.

Insufficient scope of the study.

A lack of resources and a lack of funding were the most significant obstacles experienced by the researcher throughout this investigation.

SYNOPSIS AND TERMS

An ailment caused by a new corona virus known as SARS-CoV-2 (severe acute respiratory syndrome corona virus 2) is dubbed Corona virus disease 2019 (COVID-19).

The term "international trade" refers to the exchange of goods and services beyond national borders, regardless of whether a market exists for such goods and services.

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