The effect of COVID-19 on international trade: the case of Spain

Resumen

International Trade, as part of the global economy, has suffered the consequences of the crisis originated by the pandemic. This paper pretends to analyze the effects on the exports and imports of products and services in Spain. The conclusions show that, the drastic falls in some sectors had a temporary component in most cases (especially sanitary and esential goods), but other industries (like tourism, hospitality and leisure) are still suffering the consequences. Although the trade of goods are going back to normal, touristic services still remain behind. The lack of visitors from other countries has also had an impact on the reduction of foreign capital inflows, which are registered in the Balance of Payments. However, perspectives for the coming months are positive, as most of the restrictions associated to COVID are gradually disappearing and international air traffic is increasing, bringing foreign tourists back to Spain.