The global economy has been significantly affected by the COVID-19 pandemic, and international trade is no exception. The pandemic has caused disruptions in supply chains, reduced demand for goods and services, and forced countries to take drastic measures to protect their economies. In this article, we will explore the current International Monetary Economics scenario of worldwide export-import trade.

The International Monetary Fund (IMF) has projected a decline in global GDP growth from 5.2% in 2019 to -4.4% in 2020. The global trade volume is also estimated to fall by 9.2% in 2020, according to the World Trade Organization (WTO). The decline in international trade is primarily due to the pandemic-related disruptions and restrictions, which have affected the transportation of goods and services, and the closure of borders.

The export-import trade of most countries has been impacted by the pandemic, and the recovery process is expected to take time. The WTO estimates that the volume of world merchandise trade is projected to increase by 8.0% in 2021, but it will still be below pre-pandemic levels. Moreover, the trade outlook is subject to uncertainty due to the emergence of new variants of the virus and the uneven distribution of vaccines across the world.

The pandemic has also highlighted the need for diversification of supply chains and reducing dependency on a single country or region. Many countries are now looking to build resilient supply chains and reduce their dependence on China. The trade war between the US and China has also impacted international trade, with both countries imposing tariffs on each other’s goods. The Biden administration has signaled a willingness to re-engage with China and resolve the trade disputes.

In addition, many countries are also exploring the potential of digital trade, which has seen a significant increase during the pandemic. The e-commerce sector has seen a surge in demand, and many businesses have shifted their operations online. The growth of digital trade is expected to continue in the future, with the potential to expand trade opportunities and reduce costs.

The International Monetary Economics scenario of worldwide export-import trade is also influenced by the exchange rates of different currencies. The US dollar is currently the dominant global reserve currency, and its fluctuations impact international trade. The US Federal Reserve’s policy decisions also affect the exchange rates of other currencies. Moreover, the ongoing debate on the adoption of digital currencies may impact the role of traditional currencies in international trade.

The present International Monetary Economics scenario of worldwide export-import trade is impacted by the COVID-19 pandemic and the resulting disruptions in supply chains, reduced demand for goods and services, and the closure of borders. The recovery process is expected to take time, and the trade outlook is subject to uncertainty due to the emergence of new variants of the virus and the uneven distribution of vaccines across the world. Countries are exploring the potential of digital trade and diversification of supply chains to reduce dependency on a single country or region. The exchange rates of different currencies also play a crucial role in international trade, and the ongoing debate on the adoption of digital currencies may impact the role of traditional currencies in the future.