Figure 10: Heterogeneity by exporters’ sector <!-- Start of picture text --> (a) Change in sales<br>Overall by sector By disaggregate manufacturing (exporters only)<br>Agriculture Manufacturing Services 0<br>0<br>-10<br>- 12<br>-10 -20 - 19<br>-20-30 -30 -21 -33 -32 -34 -23 - 32 -17 -26 - 36 - 22 -30-40-50 - 25 -39 - 25 - 31<br>-40 -40 -60<br>-50 Non-Exporter Exporter Non-Exporter Exporter Non-Exporter Exporter -70 Food and beverages Textile, apparel and related Heavy industrial activities<br>First roun d Latest round First round Latest round First round Latest round First round Latest round<br>By disaggregate services (exporters only)<br>0<br>-10<br>-12<br>-20 - 20<br>-30 -30 - 32<br>-40<br>-44<br>-50<br>-60 -55<br>-70<br>Knowledge intensive Hospitality Retail and trade<br>First round Latest round<br>P-value of test that exporters are different across sectors: Agriculture vs. Manufacturing: First round: 0.091; Latest round: 0.014; Agriculture vs. Services : First round: 0.104; Latest round: 0.101;<br>Manufacturing vs. Services: First round: 0.861; Latest round: 0.013 / Food & beverages vs. Textiles & apparel: First round: 0.000; Latest round: 0.006; Food & beverages vs. Heavy industrial activities:<br> First round: 0.000; Latest round: 0.352; Textiles & apparel vs. Heavy industrial activities: First round: 0.161; Latest round: 0.000 / Knowledge intensive versus Hospitality: First round: 0.000;<br>Latest round: 0.000; Knowledge intensive vs. Retail & trade: First round: 0.031; Latest round: 0.004; Hospitality vs. Retail & trade: First round: 0.000; Latest round: 0.000<br>Change in sales (%)<br>Change in sales (%)<br>Change in sales (%)<br><!-- End of picture text -->

# (b) Probability of falling into arrears

<!-- Start of picture text --> Overall by sector By disaggregate manufacturing (exporters only)<br>Agriculture Manufacturing Services 70<br>60<br>53 60<br>5040 41 46 41 39 42 35 38 45 45 40 40 5040 37 40 47<br>30 30 30 31 28<br>20 20<br>10 10<br>0 Non-Exporter Exporter Non-Exporter Exporter Non-Exporter Exporter 0 Food and beverages Textile, apparel and related Heavy industrial activities<br>First roun d Latest round First round Latest round First round Latest round First round Latest round<br>By disaggregate services (exporters only)<br>70<br>60<br>52<br>50 46<br>43 40<br>40 37<br>30 27<br>20<br>10<br>0<br>Knowledge intensive Hospitality Retail and trade<br>First round Latest round<br>P-value of test that exporters are different across sectors: Agriculture vs. Manufacturing: First round: 0.433; Latest round: 0.470; Agriculture vs. Services : First round: 0.680; Latest round: 0.438;<br>Manufacturing vs. Services: First round: 0.308; Latest round: 0.855 / Food & beverages vs. Textiles & apparel: First round: 0.034; Latest round: 0.057; Food & beverages vs. Heavy industrial activities:<br> First round: 0.118; Latest round: 0.593; Textiles & apparel vs. Heavy industrial activities: First round: 0.564; Latest round: 0.013 / Knowledge intensive versus Hospitality: First round: 0.298;<br>Latest round: 0.002; Knowledge intensive vs. Retail & trade: First round: 0.980; Latest round: 0.050; Hospitality vs. Retail & trade: First round: 0.209; Latest round: 0.027<br>Probability of falling into arrears<br>Probability of falling into arrears<br>Probability of falling into arrears<br><!-- End of picture text --> _Notes:_ The sample includes 32,555 firms in 38 countries in panel a and 27,865 firms in 35 countries in panel b.

At an aggregate level, the impact of COVID-19 is shown to vary by sectoral attributes such as the 22