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Global merchandise trade sharply declined in late 2008 and early 2009, and some press and financial market reports assigned a large role for the decline to trade finance. However, the available evidence suggests that shocks to trade finance were not the major factor in the decline in trade. Surveys of commercial banks by the IMF and others found that while bank-intermediated trade finance fell in value during the crisis, it fell by less than merchandise trade. As a result, the share of world trade supported by bank-intermediated trade finance increased despite higher pricing margins. Other explanations appear to account for the bulk of the reduction in international trade.

Exports --- Financial crises --- Export financing --- Finance. --- Banks and Banking --- Exports and Imports --- Finance: General --- Macroeconomic Aspects of International Trade and Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Trade Policy --- International Trade Organizations --- Trade: General --- Retail and Wholesale Trade --- e-Commerce --- General Financial Markets: Government Policy and Regulation --- International economics --- Banking --- Financial services law & regulation --- Trade finance --- Export credits --- Trade in goods --- International trade --- Basel II --- Financial regulation and supervision --- International finance --- Banks and banking --- Export credit --- Balance of trade --- State supervision --- United States --- E-Commerce