{"id":13573,"date":"2015-10-20T05:59:44","date_gmt":"2015-10-20T10:59:44","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13573"},"modified":"2015-10-20T06:00:00","modified_gmt":"2015-10-20T11:00:00","slug":"global-trade-is-collapsing-as-the-worldwide-economic-recession-deepens","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13573","title":{"rendered":"Global Trade Is Collapsing As The Worldwide Economic Recession Deepens"},"content":{"rendered":"

Global Trade Is Collapsing As The Worldwide Economic Recession Deepens<\/a><\/h3>\n

When the global economy is doing well, the amount of stuff that is imported and exported around the world goes up, and when the global economy is in recession, the amount of stuff that is imported and exported around the world goes down.\u00a0 It is just basic economics.\u00a0 Governments around the world have become very adept at manipulating other measures of economic activity such as GDP, but the trade numbers are more difficult to fudge.\u00a0 Today, China accounts for more global trade than anyone else on the entire planet, and we have just learned that Chinese exports\u00a0and<\/strong>\u00a0Chinese imports are\u00a0both<\/strong>\u00a0collapsing right now.\u00a0 But this is just part of a larger trend.\u00a0 As I discussed\u00a0the other day<\/a>, British banking giant HSBC has reported that total global trade is down\u00a08.4 percent<\/a>\u00a0so far in 2015, and global GDP expressed in U.S. dollars is down\u00a03.4 percent<\/a>.\u00a0 The only other times global trade has plummeted this much has been during other global recessions, and it appears that this new downturn is only just beginning.<\/p>\n

For many years, China has been leading the revolution in global trade.\u00a0 But now we are witnessing something that is almost unprecedented.\u00a0 Chinese exports are falling, and Chinese imports\u00a0are absolutely imploding<\/a>\u2026<\/p>\n

Growth of exports from China has\u00a0been dropping relentlessly, for years. Now\u00a0this\u00a0\u201cgrowth\u201d has actually turned negative. In September, exports\u00a0were\u00a0down 3.7% from a year earlier<\/strong>, the \u201cinevitable fallout from China\u2019s unsustainable and poorly executed credit splurge,\u201d as Thomson Reuters\u2019\u00a0Alpha Now<\/u><\/a>puts it. Most of these exports are manufactured goods that are shipped by container to the rest of the world.<\/p>\n

And imports into China \u2013 a mix of bulk and containerized freight \u2013 have been plunging:\u00a0down 20.4% in September from a year earlier, after at a 13.8% drop in August<\/strong>.<\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Global Trade Is Collapsing As The Worldwide Economic Recession Deepens When the global economy is doing well, the amount of stuff that is imported and exported around the world goes up, and when the global economy is in recession, the amount of stuff that is imported and exported around the world goes down.\u00a0 It is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[130,5983,1784,353,366,3761,4901],"class_list":["post-13573","post","type-post","status-publish","format-standard","hentry","category-economics","tag-china","tag-economiccollapseblog","tag-exports","tag-gdp","tag-global-economy","tag-global-trade","tag-michael-snyder"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13573"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13573\/revisions"}],"predecessor-version":[{"id":13574,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13573\/revisions\/13574"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}