Mostly with international shipping at the front line of trade and reliant on transportation and human interaction, the outbreak of COVID-19 has had a material impact on the shipping industry, both directly and indirectly. The activities of freight forwarders and related businesses, such as terminals and ports, have been hampered as a result of personnel being advised not to travel or report to work. Increased demand for goods and raw materials, and thus the need for shipment, has resulted in higher freight rates. The relatively positive performance of overall average trade, however, masks significant differences across products, economic sectors, and trading relationships. The early 2020 trade collapse did not affect all products equally. Business impacts on specific products, services, and trading partners present a very different picture, as well as created pressures on specific sectors and supply chains that were much more pronounced.
