The decline in world trade volume in 2009 was the worst since the Great Depression. The United States (US) spread the global recession as a major source of external demand. US import and export data are examined to understand the repercussions, particularly for developing economies divided into...

World trade volume is in retreat for the first time in more than two decades and the contraction is on a scale not seen since the global recession following the second oil shock of 1979–1980. The United States (US) is at the epicenter of the crisis and is a major source of external demand for...