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explain the effect of the corona virus pandamic on world trade along with practical examples

Economics Nov 07, 2020

explain the effect of the corona virus pandamic on world trade along with practical examples

Expert Solution

 Trading basically refers to the business and exchange of goods between two or more entities. Hence , world trade refers to exchanging goods among two or more countries in the world. The coronavirus has nearly disrupted each and every sector including the world trade. Due to COVID -19, the trade was completely stopped in order to avoid the spread of disease which led to huge loss in the trading business. For eg , the petroleum is exported from arab countries but due to coronavirus all the countries stopped importing the petroleum from arab countries in order to curb the spread of virus. Trading also resulted in lack of commodities as not all goods are available in every country for eg , spices are available in India and are exported to other countries from india itself but due to the pandemic , spices were unable to be exported so due to this other countries resulted in lack of spices and also the prices raised because only less amount of spices are present and the demand is extensively high.

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