The fantastic trade collapse
The most known feature of the fantastic Credit Crisis, however, has been the collapse in international trade. As Figure 3 shows, trade fell a lot more steeply after April 2008 than it did in the entire year after June 1929, and the recovery to date has been relatively anaemic. World trade fell in August 2009, following three successive months of growth, but still remains 18% below peak. In comparison, trade fell in three successive years through the Great Depression.
Figure 3 The quantity of world trade, now vs then.