The early signs of economic recovery that governments claim to have spotted this spring have yet to brighten the almost universally dismal picture of world trade.
Both the World Trade Organisation and the World Bank are predicting a decline in trade flows of 10 per cent this year, the steepest fall in 60 years. For industrialised countries, export volumes are expected to fall by a massive 14 per cent, twice the drop predicted for the developing world.
