<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This paper aims to examine the changes in global value chains (GVCs) in the years 2020–2022 (times of the COVID-19 pandemic) compared to 2019 (last year before the pandemic). GVCs are illustrated by diagrams based on the statistics on international trade measured by value-added exports and imports. In this paper, the final demand approach is applied to measure international trade by value-added exports and imports and they were computed based on inter-country input-output tables delivered by the Asian Development Bank (ADB). The catchphrase “Made in the World” makes an impression, but in reality, value chains are rarely global. They are rather regional with three centers. “Factory Europe”, “Factory Asia”, and “Factory America” can easily be identified in the years 2019–2022 as there were three large regional supply hubs in GVCs: Germany, China, and the United States. When the years 2020–2022 were compared to 2019, “Factory Asia” with center in China elevated their position in GVCs at the expense of “Factory Europe” with center in Germany and “Factory America with center in the USA.”</p>
</abstract>

This paper aims to examine the changes in global value chains (GVCs) in the years 2020–2022 (times of the COVID-19 pandemic) compared to 2019 (last year before the pandemic). GVCs are illustrated by diagrams based on the statistics on international trade measured by value-added exports and imports. In this paper, the final demand approach is applied to measure international trade by value-added exports and imports and they were computed based on inter-country input-output tables delivered by the Asian Development Bank (ADB). The catchphrase “Made in the World” makes an impression, but in reality, value chains are rarely global. They are rather regional with three centers. “Factory Europe”, “Factory Asia”, and “Factory America” can easily be identified in the years 2019–2022 as there were three large regional supply hubs in GVCs: Germany, China, and the United States. When the years 2020–2022 were compared to 2019, “Factory Asia” with center in China elevated their position in GVCs at the expense of “Factory Europe” with center in Germany and “Factory America with center in the USA.”

Global value chains before and in times of the COVID-19 pandemic

International Journal of Management and Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

{"article-title":"Global value chains before and in times of the COVID-19 pandemic"}

This paper aims to examine the changes in global value chains (GVCs) in the years 2020–2022 (times of the COVID-19 pandemic) compared to 2019 (last year before...

Global value chains before and in times of the COVID-19 pandemic

Article Category: Empirical Paper

Published Online: Jun 10, 2024

Page range: 147 - 153

Received: Nov 06, 2023

Accepted: Feb 03, 2024

DOI: https://doi.org/10.2478/ijme-2024-0021

Keywords
fragmentation, global production networks, internationalization, corona crisis, value-added trade

© 2024 Paweł Folfas, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Global value chains before and in times of the COVID-19 pandemic

Article Category: Empirical Paper

Published Online: Jun 10, 2024

Page range: 147 - 153

Received: Nov 06, 2023

Accepted: Feb 03, 2024

DOI: https://doi.org/10.2478/ijme-2024-0021

Keywordsfragmentation, global production networks, internationalization, corona crisis, value-added trade

© 2024 Paweł Folfas, published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
fragmentation, global production networks, internationalization, corona crisis, value-added trade