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An economic analysis published today by the European Commission found that a large majority of EU exporters are small and medium size companies. In 2017, out of 700,000 EU companies who sell products and services outside the EU, some 615,000 were small and medium-sized businesses.
According to the updated Commission estimates, the coronavirus pandemic will result in a decrease in global trade between 10%-16% in 2020.
The current world health crisis will result in a decline of 9.2% in EU exports and 8.8% in EU imports from third countries in 2020, according to the EU Chief Economist note, based on the estimated decline in GDP worldwide.