Convenience Of Monitoring International Trade With The Help Of Satellite Data
Due to the epidemic, economic conditions around the world changed overnight. At that time, policy makers with instant economic data of different countries were able to take effective decisions quickly.
All the new possibilities of big data and connectivity are unfolding before us now. Currently, data from artificial satellites is helping industry entrepreneurs and policy makers in many countries to make sound economic decisions.
A study by the International Monetary Fund (IMF) found that trade deficits between small and developing countries remain somewhat large. However, it is possible to fill these gaps with the data obtained from the satellite. In particular, it can be used to monitor and measure the amount of trade that is taking place instantly. This information is very important for economic decision making of any country.
The study also found that countries in the Pacific Islands, in particular, were able to protect themselves from infection by closing their borders at the beginning of the epidemic. But they have not been able to protect themselves from the effects of the epidemic on the international economy.
Due to the epidemic, many new restrictions were imposed on the ports of different countries. Lockdown in major economies, including China, disrupted the supply chain. Due to this, at the beginning of the epidemic, the import trade of all the countries came down dramatically. It has a negative impact on regional trade networks around the world. Countries that were less dependent on tourism may have seen their imports fluctuate over time, but tourism-dependent countries have declined.
Much research has been done and is still being done on how data from satellites can help us understand patterns, including trade. This method of data collection will help us to fill the gaps of various official datasets and predict possible economic crisis.
With the help of satellite data algorithms, it is now possible to review important information such as cargo pay-loads, starting with shipping liner schedules. As a result, many of the previous complications have been reduced.
Getting timely information on international trade is important for every country in the world. This information can be used to prepare in advance for natural or other disasters. And in this case the data obtained from the satellite can be an effective solution.
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