Global trade is clearly suffering. Following the declines seen in the Asian economies earlier on Tuesday, US and UK trade numbers reported later that day also showed large falls in exports.
Bloomberg reports the US numbers.
The U.S. trade deficit narrowed in November by the most in 12 years as tumbling oil prices and slumping consumer spending cut imports.
The gap shrank 29 percent, more than forecast, to $40.4 billion, the Commerce Department said today in Washington. A record 12 percent drop in imports propelled the improvement. Exports fell for a fourth straight month...
Total U.S. exports dropped 5.8 percent to $142.8 billion, today’s report showed. Foreign purchases of automobiles were the lowest since October 2006.
In the UK, there wasn't even the consolation of a fall in the trade deficit. BBC reports:
The UK's goods trade gap with the rest of the world reached record levels in November, official figures show.
The deficit stood at £8.33bn, the Office for National Statistics said, up from October's figure, which was revised downwards to £7.631bn...
Total exports dropped by 6% in November, with imports down 2% for the month.
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