Trade figures for February indicates that the volume of global trade is declining at its fastest rate in decades, faster than even in 1929-30. The decline becomes even more stark and painful, given the rapid increase in global trade this decade. The total value of exports shipped by 15 large exporters in February was nearly a third lower than in the same month of 2008. Interestingly, among the major exporters, India appears to be one of the least affected, while China is the worst affected. The graphic below shows the year-over-year change in total exports of these 15 countries.
Volume of world trade, 1929 Vs 2009