EFFECT OF THE COVID-19 PANDEMIC ON THE WORLD TRADE NETWORK


Gönçer Demiral D.

International Conference on Applied Economics and Finance, Balıkesir, Turkey, 4 - 05 December 2021, pp.120-121

  • Publication Type: Conference Paper / Summary Text
  • City: Balıkesir
  • Country: Turkey
  • Page Numbers: pp.120-121
  • Recep Tayyip Erdoğan University Affiliated: Yes

Abstract

If we assume countries as a node, one way to show the trade flow between two countries is to connect with a straight line. These straight lines also called as edges. The arrow direction of the edges represents which country trade is made to. By adding the trade amounts on the edges, the export amounts of the countries can also be seen easily on the graphs. If we do the same for all countries, international trade flows become a big and complex world trade network. In this study, the trade relations of 50 countries with the highest export level before and during the Covid-19 pandemic were examined by network analysis method. Gephi 0.9.2 program, which has superior visualization ability compared to other network software programs, was used in the visualization of relations, node and network calculations. The most basic and expected result in the study is that the total export level of the countries has decreased with the pandemic. Although the export level of the countries has decreased with the pandemic, it is seen that the People's Republic of China is on the rise, albeit by a small margin. It is observed from the graphs that the countries are geographically close to each other have more trade relations. At this point, it can be said that geographical proximity plays an important role in trade flows. Regionally, in the trade flows of countries with each other, the European continent has the most intense connections between each other and the African continent has the least connections. Although Germany is the country with the most trade connections, it is the 3rd country in terms of export level and China is the country with the highest export amount. In this context, it has been concluded that the number of connections as well as the level of exports are also effective in the economic development of countries. Countries with high export levels seem to have certain trading partners. In this study, it was concluded that despite the worldwide crises such as the economic contraction of the countries or the pandemic that may affect all countries, the commercial partnerships did not change.