What happened to world trade under COVID-19?

The impacts of the COVID-19 pandemic for industrial production and goods trade have varied across specific goods, services, and trade partners. Christine Arriola, Przemyslaw Kowalski, and Frank van Tongeren write that the unprecedented heterogeneity of changes in trade flows across products, sources and destinations signifies high uncertainty and adjustment costs, and requires additional incentives to adopt new — or to intensify existing — risk mitigation strategies.