World Trade Shrank Most Since GFC In March, Just Ahead Of Virus Lockdowns

Late last month, I highlighted the latest data from the Dutch government planning agency CPB, which showed world trade contracted 1.5% in February from the previous month on the initial estimate. The CPB publishes a World Trade Monitor every month on behalf of the European Commission. Fast forward four weeks, and we have the data for March. (It takes two months for the figures to become available.) It's not particularly inspiring, even as it doesn't show a total debacle - yet. On a YoY basis