Impact of COVID-19 on imports of medical products: A panel data approach

The rapid spread of the COVID-19 pandemic has triggered a marked distortion in the trade of medical products needed to combat its severe effects on the health of the population. This study seeks to examine the determinants of imports by EU-27 countries, through a panel data analysis for the period 2015-2020. The aim is to shed light on the distinct behaviour of imports of each of the seven products classified as essential by the World Customs Organization and the World Health Organization. To that end, economic and social characteristics of the buyer country are used as explanatory variables, as well as the origin of the goods and the effect of the virus in 2020. The results show that some determinants of imports of medical goods have a homogeneous influence on all of these products. This is the case with the wealth of the importing country and its population aged over 65: the higher the purchasing power and the older the population, the greater the volume of imports. It is confirmed that EU-27 trade agreements curb the mass entry of non-EU products and that COVID-19 has led to higher imports of certain products.