It's a very strange world recovery that doesn't show up in world trade numbers.
(Bloomberg) -- Japan’s exports fell for a tenth straight month in July as demand from all of the nation’s major markets deteriorated.
Shipments abroad tumbled 36.5 percent from a year earlier, steeper than June’s 35.7 percent drop, the Finance Ministry said today in Tokyo.
It isn't just Japan. Hong Kong is also far below last year's recessionary levels, and worse than last month. Mainland China is far below last year's recessionary levels as well.
The drop in world trade is also showing up in the Baltic Dry Index.
The Baltic Dry Index, already down 26% this month, is likely to fall further during the rest of the quarter as China continues to cut back on commodity purchases.
The BDI is often seen as a key leading indicator for global economic growth and production, and the August decline has been the sharpest since October's 72% skid, when freight rates were heading below break-even levels and the shipping industry was gripped with uncertainty.