such as imports and GVC participation are included only in the latest wave.<sup>2</sup> Not all countries implemented all waves of data collection. Since our goal is to capture both the immediate impact of COVID-19 and the recovery, we consider only those countries that have implemented at least two rounds of data collection, using the wave 1 questionnaire _and_ either of waves 2 or 3. Since the severity of COVID-19 does not follow a systematic pattern across countries, and the evolution of cases has been rather randomly distributed in terms of the timing, we combine countries that implemented wave 2 or 3 of the questionnaire and label the period as the latest round.

The analyses in this paper rely on two main BPS samples: the _full_ sample of firms in 45 countries where data on the exporting status of the firm in 2019 is collected and the _restricted_ sample of 11 countries where the trade module was implemented in wave 3 and more in-depth measures of global engagement can be constructed. The sample of 45 countries includes 44,059 firms in the first round and 43,156 in the latest round while the sample of 11 countries with trade module information includes 12,882 firms.<sup>3</sup> Appendix Table A1 shows the number of observations for each country included in the sample.

To confirm the robustness of the results on trade outcomes in BPS data, we rely on firm-level monthly export and import customs data sets for the 2019-2020 period for 20 countries collected as part of the expansion of the _Exporter Dynamics Database_ (Fernandes et al., 2016). See Appendix B for the number of observations per country with customs data, as well as a brief data cleaning description.<sup>4</sup> The severity of the pandemic across countries and over time is captured using data from Google mobility reports around transit stations (Google, 2021). For countries without available data, we impute the severity based on the Oxford Government Response Tracker index (Hale et al., 2021). Following Cirera et al. (2021a), an indicator of the severity of the crisis is constructed as a weighted average of the severity over 30-day periods since the start of the pandemic until the date of the survey.

For sectoral heterogeneity analysis, we classify sectors according to six attributes pertaining to the flexibility for remote work, prevalence of durable goods in output, GVC intensity, contract intensity, external financial dependence, and reliance on letters of credit. We identify sectors for which an attribute is high through an indicator variable that takes the value of 1 for the fourth quartile of the given attribute as defined in Appendix A.3. For country heterogeneity analysis, we rely on the google mobility data to understand the initial severity of the lockdown, the income classification from the World Bank, and a GVC taxonomy developed in World Bank (2020) based on the extent of GVC participation, the goods and services exported, and measures of innovation, that differentiates

> 2For the BPS round 1 and 2 questionnaires, see Apedo-Amah et al. (2020) and Cirera et al. (2021a), for the trade module introduced in wave 3 see Appendix D. For most countries, the sampling frame was based on censuses from Statistics Agencies, Ministries of Finance or Economy, or business listings from Business Associations, and typically only included businesses that could be found in some registers or listings. The WBES COVID-19 follow-up surveys, by design, cover only formal firms.

> 3The panel of firms surveyed both in the first and the latest round includes 27,110 firms. Due to the smaller coverage, this panel is used only in robustness checks.

> 4A set of seven countries have customs data and BPS data: El Salvador, Georgia, Kenya, Sri Lanka, Senegal, South Africa, and Zambia.

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