Assessment of the Effects of COVID-19 on International Trade

Abstract

The globalization of the pandemic has caused distortions in the global commerce and supply chain that have constituted a major danger to international trade. This study seeks to give a complete analysis of the anticipated trade effects of the pandemic. The research method used for the study was survey research, and participants were chosen at random for the survey. The recruited participants provided a total of 100 replies, all of which were verified as coming from Nigerian Customs Service employees. The study evaluates the impact of COVID-19 on global trade in terms of production and supply chain interruptions, transportation and logistics disruptions, and the influence on international trade agreements. The findings of the present study showed that the pandemic is likely to create new patterns of international trade, changing trade relations and globalization, with winners and losers among economies. Although some nations may gain from the disruptions, others may suffer substantial hurdles. The report stresses the need for policy makers to foresee and prepare for these changes and give assistance for firms to adjust to the new realities of the global economy. Since there is minimal academic work on the trade implications of COVID-19, this research adds by presenting a fresh and thorough assessment of the possible effect on international trade. The evaluations of this study might be valuable for policy-makers in planning for the future global order of international trade. The present study offers a platform for advanced analysis and government actions that might enable enterprises, sectors, and governments to adjust and adapt to the changing global economic environments.