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How resilient was international trade to Covid-19? Insights from clusters of European countries

Author

Listed:
  • Olivera Kostoska

    (Faculty of Economics -Prilep, University St. Kliment Ohridski–Bitola)

  • Marjan Angeleski

    (Faculty of Economics -Prilep, University St. Kliment Ohridski–Bitola)

  • Ljupco Kocarev

    (Macedonian Academy of Sciences and Arts)

Abstract

The Covid-19 crisis spread worldwide at lightning speed mainly due to the interconnectedness of today's economies as evidenced by major disruptions in international trade. This article aims to assess the possible shifts that coronavirus disease has triggered in the trade activity of European countries in two particularly affected sectors, that is food and machinery and transport equipment. In this process, exploratory data analysis is conducted to accurately explain the patterns lying behind the observed variations in trade values. Furthermore, cluster analysis is performed on the sample of European countries by applying hierarchical and K-means clustering algorithms using Python's libraries. By examining clusters of countries with similar trade profiles, this article contributes to discussions on global value chains, and to which extent there is data-based evidence to indicate systemic changes and reconfiguration of global production processes.

Suggested Citation

  • Olivera Kostoska & Marjan Angeleski & Ljupco Kocarev, 2024. "How resilient was international trade to Covid-19? Insights from clusters of European countries," Economy, Business & Development: An International Journal, Ss. Cyril and Methodius University in Skopje, Faculty of Economics-Skopje, vol. 5(1), pages 1-13, May.
    • Handle: RePEc:aoh:journl:v:5:y:2024:i:1:p:1-13
    DOI: 10.47063/ebd.00014
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    More about this item

    Keywords

    International trade; cluster analysis; Covid-19; Europe; programming models;
    All these keywords.

    JEL classification:

    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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