World trade has declined sharply in the last few months, which will make it harder for countries to pull themselves out of the global recession, the Wall Street Journal reported Wednesday.
Combined exports and imports from the United States dropped 18% in the four months from July to November, falling to $326 billion from $398, the Journal said, citing figures from the Commerce Department. Two-thirds of the decrease has been from imports.
In Japan, exports declined 27% in November compared with the previous November, the Journal said, citing figures from the Ministry of Finance. That country’s imports fell 14% in the same period.
Meanwhile, China saw its worst foreign-trade decline in December, while Germany's exports dropped 11.8% in November from the previous year, the largest decline this decade, the Journal said.
The three European countries with the next biggest economies also saw significant decreases in foreign trade, the Journal said.