The dynamics of imports and exports between countries have been influenced by three key factors. The rising domestic demand, in the case of private consumption driven primarily from household disposable income, is the first. The United States' large fiscal stimulus, both relative to other countries and in absolute terms, has played a crucial role in maintaining U.S. consumption as well as imports. The strength of U.S. consumption has aided export growth to U.S. trading partner countries, while domestic demand is slower in U.S. trade partners. The second is the composition pre-COVID of economic activity. Countries with higher manufacturing output have generally seen an increase in foreign consumption. However, the shock has caused countries to shift spending away from goods to services. While countries that rely heavily on services exports (think about tourism exports to countries like Spain, Portugal, and Greece) have been affected. Supply constraints are the third ...