The chart, from the CPB Netherlands Bureau for Economic Policy Analysis, shows an index of global exports volumes, seasonally adjusted over the 12 months to September 2015. Note that world exports are up a minuscule 0.28% year-on-year (y-o-y) in September 2015. The chart shows volumes, not price; so, lower commodity and oil prices are not to blame.
However, we also see a clear divergence between exports from advanced economies, up 1.8% and exports from emerging economies, down 1.2% y-o-y. What is even starker is the fall in exports from emerging Asia, which is down 4.1% from a year ago. The trend mirrors the broader trend of a recovery in advanced economies while emerging markets continue to struggle.
