Fig. 5.

Impact of the Chinese lockdown on firm-level exports: Diversified and non-diversified firms. Notes: Baseline regression after splitting the treatment group into two subsamples. Treated firms are labeled “diversified” if all their main inputs imported from China are also sourced from elsewhere in the pre-period. Main inputs are products accounting for at least $1\%$ of the firm’s imports in the pre-period. The estimated equation includes firm and period fixed effects. Standard errors are clustered at the firm level. Confidence intervals are defined at 5%