{"id":14242,"date":"2015-11-10T07:19:18","date_gmt":"2015-11-10T12:19:18","guid":{"rendered":"http:\/\/olduvai.ca\/?p=14242"},"modified":"2015-11-10T07:19:18","modified_gmt":"2015-11-10T12:19:18","slug":"we-have-never-seen-global-trade-collapse-this-dramatically-outside-of-a-major-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=14242","title":{"rendered":"We Have Never Seen Global Trade Collapse This Dramatically Outside Of A Major Recession"},"content":{"rendered":"

We Have Never Seen Global Trade Collapse This Dramatically Outside Of A Major Recession<\/a><\/h3>\n

\"Globe<\/a>If you have been watching for the next major global economic downturn, you can now stop waiting, because it has officially arrived.\u00a0 Never before in history has global trade collapsed this dramatically outside of a major worldwide recession.\u00a0 And this makes perfect sense \u2013 when global economic activity is increasing there is more demand for goods and services around the world, and when global economic activity is decreasing there is less demand for goods and services around the world.\u00a0 So far this year, global trade is down\u00a0about 8.4 percent<\/a>, and over the past 30 days the Baltic Dry Index has been absolutely plummeting.\u00a0 A month ago it was sitting at a reading of 809, but now it has fallen all the way\u00a0to 628<\/a>.\u00a0 However, it is when you look at the trade numbers for specific countries that the numbers become particularly startling.<\/p>\n

Just within the last few days, new trade numbers have come out of China.\u00a0 China accounts for approximately one-fifth of all global factory exports, and for many years Chinese export growth has helped fuel the overall global economy.<\/p>\n

But now Chinese exports are falling.\u00a0 In October, Chinese exports were down 6.9 percent compared to a year ago.\u00a0 That follows a decline of 3.7 percent in September.<\/p>\n

The numbers for Chinese imports are even worse.\u00a0 Chinese imports in October were down 18.8 percent compared to a year ago after falling 20.4 percent in September.\u00a0 China\u2019s growing middle class was supposed to help lead a global economic recovery, but that simply is not happening.<\/p>\n

The following chart from\u00a0Zero Hedge<\/a>\u00a0shows just how dramatic these latest numbers are compared to what we are accustomed to witnessing.\u00a0 As you can see, the only time Chinese trade numbers have been this bad for this long was during the major global recession of 2008 and 2009\u2026<\/p>\n

\"Chinese<\/a><\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

We Have Never Seen Global Trade Collapse This Dramatically Outside Of A Major Recession If you have been watching for the next major global economic downturn, you can now stop waiting, because it has officially arrived.\u00a0 Never before in history has global trade collapsed this dramatically outside of a major worldwide recession.\u00a0 And this makes […]<\/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":[3594,130,5983,1784,3761,2520,4901,1264,805],"class_list":["post-14242","post","type-post","status-publish","format-standard","hentry","category-economics","tag-baltic-dry-index","tag-china","tag-economiccollapseblog","tag-exports","tag-global-trade","tag-imports","tag-michael-snyder","tag-recession","tag-trade"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14242","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=14242"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14242\/revisions"}],"predecessor-version":[{"id":14243,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/14242\/revisions\/14243"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}