The value of global trade went into freefall from mid-2008 but the speed of decline began to temper in February this year, according to the Organisation for Economic Cooperation and Development (OECD).
“Compared with the previous quarter, the value of exports and imports of goods and services in OECD countries, measured in seasonally adjusted current price US dollars, continued to drop significantly, albeit less dramatically,” stated the OECD report.
It added that the overall trend is “remarkably similar across countries, backing up the notion of a synchronised trade collapse”.
The rate of decline has shown signs of easing in Japan, the UK and the USA, although none have shown positive net trade figures so far this year.
