What Explains The Decline In Global Trade?

A nation typically pays for imports with revenues it receives from its exports.  A major portion of the decline in global trade has been the drop in export revenues in nations that sell commodities to the rest of the world.  The drop in oil prices accounts for large share of the lost export volume in oil producing states.  Other commodities, such as iron ore, are no longer bringing in enough export revenue to support the purchase of imports.  BRIC nations represent a significant portion of the global trade volume.  They are importing much less than they had in the recent past because their export revenues have declined substantially.