An update on world trade during the COVID-19 episode

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The collapse of world trade in 2020 due to lockdowns in response of the COVID-19 pandemic has fuelled a rethinking of globalization with policies being reoriented towards strategic autonomy and local production by means of nearshoring and insourcing. Comparing the impact of the COVID-19 trade shock to the Great Depression, this article focusing on resilience and recovery argues that international value chains and the global trading system have helped to weather the impact of the global unprecedented response to a health shock.
Original languageEnglish
Place of PublicationDen Haag
PublisherInternational Institute of Social Studies (ISS)
Number of pages16
Publication statusPublished - Feb 2022

Publication series

SeriesISS working papers. General series

Bibliographical note

Preliminary versions were presented at the European University Institute (April 2021) the Peterson Institute of International Economics (June 2021) and Clingendael Netherlands Institute for International Relations (November 2021). Comments by participants are gratefully acknowledged. This article builds on, updates, and extends earlier works listed in the references.

Research programs

  • ISS-DE


  • ISS Working Paper-General Series


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