After a sharp decline at the beginning of the pandemic, world trade in goods returned to pre-pandemic levels before the end of 2020, and this year it has set new records – one of the conclusions of the updated DHL Global Connectedness Index for 2021, jointly published by DHL and NYU Stern School of Business.
– Many feared that the global crisis would jeopardize the progress of globalization. We have been analyzing various international flows around the world for years, and after a year and a half of the pandemic, we can confidently say that the pandemic did not cause the collapse of globalization. After initial declines in 2020, the DHL Global Connectedness Index is already on the rise this year. Trade has provided a lifeline for countries around the world, and DHL Express has played a key role in areas ranging from vaccine distribution to e-commerce – stated John Pearson, CEO of DHL Express.
The increase in international trade since mid-2020 has far exceeded initial predictions, although the structure of the goods being traded has changed more than usual. Trade in goods used to combat the pandemic has increased, while trade in many other products has declined. Meanwhile, contrary to expectations that the pandemic would cause a shift towards regionalized trade, trade in goods on average in 2020 occurred over longer distances. Data on flows of capital, information, and people also do not show clear evidence of a shift in progress from globalization to regionalization.
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