The banking crisis hit consumer and business confidence last autumn, leading to higher levels of unsold stocks, some problems in securing trade credit insurance and falling investment across advanced economies, all of which reduced the demand for imports and the level of exports.
But the combination of economic pain and plummeting oil prices had a range of effects on countries' trading positions, depending on how much oil they import and the vulnerability of their exports.
The US trade deficit plunged almost 30 per cent to a five-year low of $40.4bn (€30.3bn, £27.3bn) in November as month on month imports fell 12 per cent, while exports declined 6 per cent. Imports of crude oil and other fuels plummeted as demand dropped.
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