Global trade has dropped sharply as a result of the lockdowns. From the European Central Bank (emphasis added):
National accounts data for key economies point to a sharp fall in both exports and imports in the first quarter of 2020. ... In the June 2020 Eurosystem staff macroeconomic projections, world real imports (excluding the euro area) are expected to decline at an unprecedented pace of around 13% in 2020 before returning to positive rates of growth of 8.0% and 4.3% in 2021 and 2022 respectively. The decline also stems from disruptions in GVCs [global