Trade Dynamics during COVID-19: Essential Medical Goods
The COVID-19 pandemic caused a decline in overall global trade. From January to June 2020, exports of U.S. goods dropped by almost 25%, while imports of goods dropped by about 17%.
The U.S. trade deficit—the gap between imports and exports—increased by about 20%, reaching a value of $8.65 billion.
The pandemic-induced increase in the trade of essential medical goods accounted for 41.3% of that increase in the U.S. trade deficit.