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The Evolution of Romania’s International Trade in Services During the COVID-19 Crisis

In: Economic Recovery After COVID-19

Author

Listed:
  • Paraschiv Dorel Mihai

    (Bucharest University of Economic Studies)

  • Popovici Oana Cristina

    (Bucharest University of Economic Studies
    Institute for Economic Forecasting, Romanian Academy)

  • Davidescu Adriana AnaMaria

    (Bucharest University of Economic Studies
    National Research Institute for Labor and Social Protection)

  • Manea Daniela

    (Bucharest University of Economic Studies)

  • Gerard Cazabat

    (EDC Paris Business School)

  • Birol Ibadula

    (Bucharest University of Economic Studies)

Abstract

The negative impact of COVID-19 crisis on international trade led to significant unwelcomed consequences for economies all over the world, given the actual scale of globalization and interconnection. While trade in services showed a certain resilience during the financial crisis in 2008, this time, the restriction measures for the containment of the virus and social isolation affected their consumption due to the specific characteristics of their nature: proximity of consumption, intangibility, heterogeneity, and perishability. This paper’s aim is to assess the impact of COVID-19 on Romania’s international trade in services. In this respect, we use monthly data in order to trace the evolution of both exports and imports during 2020 as compared to the previous year. In addition, we evaluate the behavior of the major groups of traded services in the same period, in order to identify changes in the distribution of services. Finally, we compare the evolution of trade in services during the financial and the actual crises. We find that imports of services saw a larger drop than exports. In addition, export of services was less affected than export in goods, while imports of services were more severely affected than the drop in the imports of goods. Travel and tourism was the most affected, while the rest of the most important other sectors show a certain recovery at the end of 2020. The drop in the exports of services in 2020 was double than the one registered during the crisis quarters in 2008–2009.

Suggested Citation

  • Paraschiv Dorel Mihai & Popovici Oana Cristina & Davidescu Adriana AnaMaria & Manea Daniela & Gerard Cazabat & Birol Ibadula, 2021. "The Evolution of Romania’s International Trade in Services During the COVID-19 Crisis," Springer Proceedings in Business and Economics, in: Alina Mihaela Dima & Ion Anghel & Razvan Catalin Dobrea (ed.), Economic Recovery After COVID-19, pages 175-188, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-86641-9_9
    DOI: 10.1007/978-3-030-86641-9_9
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