Analysis of the international trade networks of COVID-19 medical products

Abstract

This research aimed to gain a deeper understanding of how and for what reasons the world trade networks of medical products were reorganized during the novel coronavirus (COVID-19) pandemic. To do this, first, the trade data of eight COVID-19-related product categories (such as medical test kits and protective garments) were collected for the years 2019 and 2020. Then it was examined which countries’ exports and imports changed the most between the studied time period in each product category. In addition, gravity models containing additional economic, geographic, and COVID-19-related variables were used to analyze the impact of the pandemic on the investigated trade networks. Based on the results, China achieved the highest cumulative export growth, surpassing the second-highest value by approximately 14.66. Hungary, with a population of only 9.7 million, stood out as a major importer of ventilators. Additionally, a higher incidence of COVID-19 among importers typically led to reduced traded values, while European Union membership and innovation capacity had the opposite effect.