COVID-19 impact on the international trade
arXiv:2201.07737 · doi:10.3390/e24030327
Abstract
Using the United Nations Comtrade database, we perform the Google matrix analysis of the multiproduct World Trade Network (WTN) for the years 2018-2020 comprising the emergence of the COVID-19 as a global pandemic. The applied algorithms -- the PageRank, the CheiRank and the reduced Google matrix -- take into account the multiplicity of the WTN links providing new insights on the international trade comparing to the usual import-export analysis. These algorithms establish new rankings and trade balances of countries and products considering every countries on equal grounds, independently of their wealth, and every products on the basis of their relative exchanged volumes. In comparison with the pre-COVID-19 period, significant changes in these metrics occur for the year 2020 highlighting a major rewiring of the international trade flows induced by the COVID-19 pandemic crisis. We define a new PageRank-CheiRank product trade balance, either export or import oriented, which is significantly perturbed by the pandemic.
arXiv comment22 pages, 2 tables, 13 figures, 2 appendices
References in corpus (15)
- Patterns of dominant flows in the world trade web
- Google matrix analysis of directed networks
- Two-dimensional ranking of Wikipedia articles
- Towards physical laws for software architecture
- Wikipedia mining of hidden links between political leaders
- International Trade Network: Country centrality and COVID-19 pandemic
- Google matrix analysis of the multiproduct world trade network
- Statistical mechanics of complex economies
- Influence of petroleum and gas trade on EU economies from the reduced Google matrix analysis of UN COMTRADE data
- Fractal Weyl law for Linux Kernel Architecture
- Google matrix of the world network of economic activities
- Google matrix analysis of bi-functional SIGNOR network of protein-protein interactions
- World impact of kernel European Union 9 countries from Google matrix analysis of the world trade network
- Interdependence of sectors of economic activities for world countries from the reduced Google matrix analysis of WTO data
- Post-Brexit power of European Union from the world trade network analysis