International trade plunged in 2020 but recovered sharply in 2021. While total trade flows are now comfortably above pre-pandemic levels, trade impacts across specific goods, services and trade partners are highly diverse, creating pressures on specific sectors and supply chains. The changes in the trade structure caused by the COVID-19 pandemic in a single year was of a similar magnitude to changes otherwise typically seen over 4-5 years. Substantial imbalances across trade partners and products remained at the end of 2021, and not all of the accumulated losses from the earlier steep declines were recuperated. The heterogeneity of trade impacts and changes in trade flows across products, sources and destinations signifies high uncertainty and adjustment costs, and implies additional incentives for consumers, firms and governments to adopt new — or to intensify existing — risk mitigation strategies.