The crisis of 2008–2009 altered trade patterns
in both developed and developing countries. O n the
one hand, imports and exports (by volume) of developed
regions have remained below their pre-crisis
levels, with the exception of the United States where
exports have exceeded their previous peak of August
2008. O n the other hand, exports from the group of
emerging market economies were 22 per cent above
their pre-crisis peaks, while the corresponding figure
for their imports was 26 per cent higher. However,
the pace of growth of trade of these economies has