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TRADE IN THE TIME OF CORONA

The world is today grappling with the Corona Virus (COVID-19) that has continued to snuff out the life of thousands across the globe. This newly discovered infectious disease has threatened human existence as its infection rates soar from different corners of the globe. Having initially began in Wuhan, a Port City in China the COVID -19 has rapidly spread to other parts of the world paralyzing economies, trade and human safety of countries affected. As a response to battle the spread of the disease, countries have taken necessary measures such as closing of border points, lock downs, quarantine and curfews to encourage social distancing as well as limit movements to forestall further spread of the disease. With these interventions, trade and businesses have been paralyzed pushing economies to the brink of collapse and crashing of stock markets globally.

The transport and logistics sector is a major victim of the COVID-19. The industry, which is driven by facilitating cargo movement to or from different geographical locations, supports key economic sectors such as manufacturing, agriculture, aid and relief, construction, education amongst others. However, the interventions to stop the spread of the COVID -19 have made it challenge if not impossible to move goods from point A to B thus affecting trade between regions. (more…)