Since the previous recession’s years (2008), the Spanish economy has been heavily reliant on the strength and drive of its exports to any part of the world. However, following the onset of the COVID-19 crisis, many experts predict a significant drop in product sales in foreign markets, particularly in the second quarter of the year, despite the fact that we live in a completely globalized and interconnected economy. And, while this dynamic will not occur in all economic sectors equally, nor will all markets behave equally, it is expected that this reduction will occur in general.
As a result of this trend, some analysts predict another phenomenon that will have a direct impact on maritime transport: an increase in the flow of short-sea shipping to the detriment of large transoceanic movements. The post-pandemic period is very likely to result in an increase in short-sea shipping traffic and a significant drop in traffic, particularly from Asia. On the other hand, if the COVID-19 crisis is brief and its impact on the industry is limited, pre-pandemic maritime traffic may resume in 2022.
As experts in transporting goods to any part of the world, we at Indochinapost are aware of the changes that will occur in the field of transportation in the coming months, particularly in the multimodal maritime sector. Changes always imply a reversal of fortune as well as new opportunities.
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Increasing domestic production
This COVID-19 crisis has also highlighted Western markets’ productive reliance on Asia, particularly China. The need for states to be self-sufficient in certain products or to do so in the nearest markets has caused the globalization of the economy to lose steam. This is likely to occur not only with health-related products, but also with others such as food, textiles, perishables, and other intermediate goods.
Increasing domestic output
This COVID-19 crisis has also highlighted Western markets’ reliance on Asia, particularly China, for productive purposes. The need for states to be self-sufficient in certain products or to do so in nearby markets has slowed economic globalization. This is likely to happen not only with medical products, but also with food, textiles, perishables, and other intermediate goods.
