Demand composition plays a crucial role in trade collapse and recovery during the COVID-19 crisis. By analyzing import trends in various economies, it was found that import-intensity-adjusted demand significantly influences trade developments. Unlike the global financial crisis, the current crisis is driven more by consumption and service sector demand rather than investment. Importantly, trade recovery has been faster during COVID-19, with exports leading the way, in contrast to the previous crisis where domestic demand played a more significant role.