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EU foreign trade during the pandemic crisis

In: CNB Global Economic Outlook - November 2021

Author

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  • Oxana Babecka Kucharcukova
  • Jan Bruha

Abstract

International trade is one of the most important macroeconomic indicators. This article analyses its evolution during the coronavirus crisis. With the benefit of hindsight and longer time series, we assess the extent to which the hypotheses contained in our previous article have been borne out and what the monetary policy implications are. The macroeconomic shock experienced in 2020 is confirmed as having been largely a supply shock. In 2021, however, the story has changed: the current high prices of commodities and materials reflect renewed robust demand.

Suggested Citation

  • Oxana Babecka Kucharcukova & Jan Bruha, 2021. "EU foreign trade during the pandemic crisis," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - November 2021, pages 13-16, Czech National Bank.
    • Handle: RePEc:cnb:ocpubc:geo2021/11
    as

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    File URL: https://www.cnb.cz/export/sites/cnb/en/monetary-policy/.galleries/geo/geo_2021/gev_2021_11_en.pdf
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    References listed on IDEAS

    as
    1. Jan Bruha & Martin Motl & Jaromir Tonner, 2021. "Assessment of the impacts of the pandemic on the world's major economies: A crisis of supply or demand?," Occasional Publications - Chapters in Edited Volumes, in: CNB Global Economic Outlook - May 2021, pages 12-21, Czech National Bank.
    2. Kei-Mu Yi, 2003. "Can Vertical Specialization Explain the Growth of World Trade?," Journal of Political Economy, University of Chicago Press, vol. 111(1), pages 52-102, February.
    3. Michal Andrle & Jan Bruha & Mr. Serhat Solmaz, 2016. "Output and Inflation Co-movement: An Update on Business-Cycle Stylized Facts," IMF Working Papers 2016/241, International Monetary Fund.
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