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Coronavirus crisis – trade effects for the Iberian and Visegrád countries

Author

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  • Andrea Éltető

    (Institute of World Economics, Centre for Economic and Regional Studies)

Abstract

In this paper I describe some characteristics of the foreign trade of two European semi-peripheric regions: the Iberian countries (Spain and Portugal) and the Visegrád countries (Poland, Czechia, Slovakia, and Hungary). Based on the developments in the past decade, some conclusions can be drawn for the coronavirus crisis-effects. Visegrád countries are more integrated into the global production chains with a more significant weight of automotive and electronic industry in trade compared to the Iberian economies. This has caused high trade dynamism but high dependence, concentration too. Therefore, short-term crisis effects will be more severe in manufacturing here than in the other region. However, the composition of the service trade is more favourable for the Visegrád region than for the Iberian countries regarding the crisis-shock. Long-term effects stemming from the reorganisation of GVCs can also favour the Visegrád region.

Suggested Citation

  • Andrea Éltető, 2020. "Coronavirus crisis – trade effects for the Iberian and Visegrád countries," IWE Working Papers 260, Institute for World Economics - Centre for Economic and Regional Studies.
    • Handle: RePEc:iwe:workpr:260
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    File URL: https://vgi.krtk.hu/publikacio/no-260-2020-05/
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    More about this item

    Keywords

    Visegrád countries; Spain; Portugal; foreign trade; global value chains;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F15 - International Economics - - Trade - - - Economic Integration
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production

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