Recently, the United States' annual trade statistics have been released for the first portion of 2020. This detailed data gives us a snapshot of coronavirus' impact and the recession on U.S. trade. COVID caused our trade deficit to contract as the recession is having a bit more of an impact on imports than exports. Whilst it sounds serious, this accounts for only three percent of our GDP. Contrastingly, exports in the first half of the year were down sixteen percent as per David Dollar, an economist who runs the "Dollars and Sense" podcast (2020). These are both typical effects of a recession. Similarly, the exporting of services has taken a large hit due to the pandemic. The U.S. is a large exporter of services which include things like tourist attractions and international travel. The pandemic decreased the exporting of services by fifty percent which isn't surprising (2020). Two of the United States' largest exports, aircraft and automobile parts, reduced by thirty to forty percent due to many airline companies are cutting back on their expansion plans.
Dollar, David, and Anna Newby. “How Is COVID-19 Affecting US Trade?” Brookings, Brookings, 10 Aug. 2020, www.brookings.edu/podcast-episode/how-is-covid-19-affecting-us-trade/.
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