Dr. Jasdeep Kaur Dhami, Mr. Manbir Singh and Dr. Nassir Ul Haq Wani
Volume 3 Issue 3 | Sep 2020
DOI: 10.31841/KJEMS.2021.21
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Abstract
The coronavirus epidemic, which was first perceived in China, has infected people in 185 countries across the world. Outbreak of coronavirus caused various restrictions on exports which were imposed by 95 countries. The main aim of this study is to find out the effect of COVID-19 on international trade in SAARC economies with prime focus on Afghanistan. As the world merchandise trade volume decreased by 1.2% in the fourth quarter of 2020. The export growth was -1.0% in case of North America and for Asia was -2.2%. The forecasted GDP growth rate for 2020 is -4.5% and 3.0% for 2021. The World Bank recently warned that South Asia faces its worst economic performance in 40 years due to the coronavirus pandemic. Afghanistan’s economy has been badly affected by the outbreak of the COVID-19 virus, owing to negative impacts on consumption, exports, and remittances. The economy is expected to contract by up to four percent in 2020. The products with greatest export potential from Afghanistan to World are Lac; natural gums (excl gum arabic), resins, balsams, etc., Figs, fresh or dried, and Grapes, dried. Figs, fresh or dried shows the largest absolute difference between potential and actual exports in value terms, leaving room to realize additional exports worth $123.6 mn.
Keywords: COVID-19, Coronavirus, International Trade, SAARC