If you’re curious about how the current pandemic has affected the exports industry, continue reading. In order to discover how the pandemic has directly affected a variety of export industries. Such as the motor vehicle industry, the precious metals industry, the aircraft industry and the arts and antiquities industry. As some export industries were hit harder by the pandemic than others.
How the current pandemic has affected the exports industry:
The pharmaceutical export industry has remained stable throughout the pandemic. Before the pandemic, in May 2019 the pharmaceutical export industry exported 1500 million pounds worth of pharmaceutical products. In comparison in August 2021 the industry exported 1494 million pounds worth of pharmaceutical products. One of the reasons why the pharmaceutical industry wasn’t badly hit by the pandemic is that throughout the pandemic there was still a high demand for pharmaceutical products.
The precious metal industry has experienced a rollercoaster ride during the current pandemic. At the start of the pandemic revenue from exported precious metals fell from over 4000 million pounds to 2000 million pounds. However by the height of the first wave of the pandemic revenue from exported precious metals rose to over 5500 million pounds. The key reason that revenue from precious metals increased during the height of the pandemic, is that when the stock market falls, demand for precious metals increases.
One of the export industries which was adversely affected by the pandemic was the motor vehicle industry. Prior to the pandemic in May 2019 the pharmaceutical industry exported around 3000 million pounds of motor vehicles. At one point during the pandemic the industry only exported less than 500 million pounds. However by August 2020, revenue from motor vehicle exports rose to 1788 million pounds. As export restrictions started to ease up.
The aircraft industry also exported fewer planes during the pandemic. While in May 2019 there aircraft industry exported around 1250 million pounds worth of aircraft, during the height of the pandemic, the aircraft industry only exported around 600 million pounds worth of aircraft. It’s not surprising that the aircraft industry exported fewer planes during the pandemic as most countries suspended the bulk of their country’s flights. However, throughout the pandemic aircraft were still exported overseas in order to fulfil existing orders that were put through before the pandemic.
Arts & Antiquities:
During the height of the pandemic the value of arts and antiquities which were exported overseas plummeted as international demand for luxury items such as art decreased dramatically. During this time the value of exports was around 300 million pounds. In comparison in May 2019 the value of exports was around 900 million pounds. If the pandemic continues to adversely effect global economies, it’s highly likely that the demand for arts and antiquities will fall further.
In conclusion, while all the major export industries were hit by the recent pandemic, some industries such as the pharmaceutical industry were far more resilient than other industries such as the motor vehicle industry and the arts & antiquities industry.
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