Primary Sectors - Agriculture and Petroleum
One of the primary sectors that was affected by COVID-19 pandemic was agriculture. Commodities dropped by nearly 20%. The direct cause of this drop was decreased in demands from hotels and restaurants. One related cause was limit on transport since social distancing policies restrict number of available inspectors and delivery staff. Another related cause was limit on exchange due to shutting down of floor trading. Last related cause explored in the article was concept of 'panic buying' with people buying excessive amounts of items such as toilet papers.
Second primary sector that the article explored was petroleum & oil. Due to decrease in demand for oil because of social distancing policies that restrict consumer spending and job uncertainty, there was steep decline in the price per barrel. During the initial Organization of the Petroleum Exporting Countries (OPEC) meeting on March 6th, there were conflicts outlined between Saudi Arabia and Russia due to oil production, leading to oil price wars.
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Tags
SARS-CoV-2 (COVID-19)
Biomedical Sciences