Fig. 4.

Impact of the Chinese lockdown on firm-level exports: Diversifiable and non-diversifiable firms. Notes: The figure shows the dynamics of exports for treated firms in comparison with the control group. The treatment group is separated into two subsamples. The “Non Diversifiable” group is composed of firms which imports from China include at least 10% on products for which China represents more than 60% of world exports. The “Diversifiable” group is made of firms that import inputs from China that they could source from elsewhere. The estimated equation includes firm and period fixed effects. Standard errors are clustered at the firm level. Confidence intervals are defined at 5%