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Chart of the WeekBrave New World: Tracking Trade from Space

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Chart of the WeekBrave New World: Tracking Trade from Area

By Serkan Arslanalp, Robin Koepke, and Jasper Verschuur

When the onset of the pandemic drastically altered economic conditions throughout the globe, policymakers with access to real-time financial information were better positioned to make quick, informed policy decisions. A brand-new world of big data is now unfolding, where satellites orbiting in space are assisting to notify financial choices– both for industry and policymakers.

Chart showing import volume against COVID-19 stringency index

< img class="aligncenter wp-image-34536" src="https://worldbroadcastnews.com/wp-content/uploads/2021/11/zSW1se.jpg" alt="Chart showing import volume versus COVID-19 stringency index" width="756" height="837" srcset="https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-200x222.jpg 200w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-271x300.jpg 271w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-400x443.jpg 400w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-600x665.jpg 600w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-768x851.jpg 768w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-800x886.jpg 800w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-924x1024.jpg 924w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-1200x1329.jpg 1200w, https://blogs.imf.org/wp-content/uploads/2021/11/COTW-Brave-New-World-Chart-1-1-1387x1536.jpg 1387w, https://worldbroadcastnews.com/wp-content/uploads/2021/11/zSW1se.jpg 1625w" sizes ="( max-width: 756px) 100vw, 756px" > New IMF staff research shows that some of the large data spaces consistently dealt with by small delicate states could be filled using satellite information. Particularly, trade volumes can be measured and tracked in real time, which is an important input for policy decisions. For instance, as revealed in our newest chart of the week, this technique of tracking trade might have highlighted trade and supply-chain disturbances to the Pacific region well before the World Health Organization (WHO) stated a global pandemic in March 2020.

In the case of Pacific island countries, the research study shows that although these countries handled to insulate themselves from COVID-19 infections by closing their borders, they were not insulated from the financial consequences of the pandemic, particularly in early 2020.

All nations experienced sharp import contractions in the early stages of the pandemic, due to supply disturbances related to port restrictions that affected the local trade network, including lockdowns in China. Later on, imports were more depressed by a lockdown-induced need shock. Imports consequently recuperated in nations with low reliance on tourism but remained depressed in tourism-oriented economies.

While different hairs of research study continue to examine how satellite data can better inform trade (and other) patterns, our brand-new estimate method assists fill gaps in official information and provides early cautions of turning points in financial activity. The algorithm conquers the difficulties of previous research studies in estimating freight payloads; uses detailed information on shipping liner schedules to validate port calls; and uses country-specific details to specify port boundaries. Using satellite-based vessel tracking data from the UN Global Platform, it constructs everyday indicators of port and trade activity for the Pacific island countries.

Prompt details on trade interruptions is of particular importance for Pacific island nations offered their vulnerability to external shocks, including climate-related natural disasters. The technique talked about here might be reached measuring the effect of such shocks, offering important information to close information gaps and possibly assist build strength to environment change. These and other related concerns will be gone over in November at the IMF Statistical Online Forum on Measuring the Economic and Financial Dimensions of Environment Change.

Associated links:
Pacific Island Airlines: Flying on Empty?How Countries Can Diversify Their Exports
Trade as a Tool for an Efficient Healing
Tracking Trade Throughout the COVID-19 Pandemic


Published at Tue, 02 Nov 2021 14:00:22 +0000

Brave New World: Tracking Trade from Space

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