In, out, shake it all about. Last year was a terrible one overall for global trade. Volumes fell by 14.4%, according to the World Bank. But that figure masks whipsawing activity throughout the year. The Netherlands Bureau for Economic Policy Analysis reckons that the volume of world exports fell by 10.6% in the first quarter of 2009, grew only slightly in the second and bounced by 3.5% in the third quarter. Bernard Hoekman, director of the bank's trade group, says the three months to September saw a "sharp v-shaped recovery".
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