The Commission has published a second report on the impact of COVID-19 on trade in the EU27 (i.e. the EU without the UK).
The increasing spread of the virus has prompted many countries to temporarily shut down businesses, and restrict travel and the movement of people and, according to the Commission , the coronavirus pandemic will result in a decrease in global trade between 10%-16% in 2020. For the EU27, the predicted reduction is expected to be between 9% and 15% for exports, and 11% and 14% for imports from non-EU countries (goods and services combined).
In absolute terms, using the latest available statistics, this amounts to a reduction in exports from the EU27 of between €282 and €470 billion and a decrease in imports into the EU27 of between €313 and €398 billion (goods and services combined).
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According to the updated Commission estimates, the coronavirus pandemic will result in a decrease in global trade between 10%-16% in 2020.