in co du un str tri ial es Su bSa h Af aran ric a em e Eu rgi So ro ng u t an h pe d ea em Ce st nt Eu er gi ra ro ng l A pe sia Ch Asi in a in a an clu d din In g de di ve a lo pi ng As M ia id dl th e e Ea M st ag a hr nd eb La tin Am er ic a
change, percent
in co du un str tri ial es Su bSa h Af aran ric a em e Eu rgi So ro ng u t an h pe d ea em Ce st nt Eu er gi ra ro ng l A pe sia Ch Asi in a in a an clu d din In g de di ve a lo pi ng As M ia id dl th e e Ea M st ag a hr nd eb La tin Am er ic a
change, percent
Trade Finance in the 2008–09 Financial Crisis
goods exports
101
Figure 5.9 Changes in Merchandise Exports and Trade Finance, by Country Group
15 a. Q4 CY08 vs. Q4 CY07
10
5
0
–5
–10
–15
–20
15 b. Q4 CY09 vs. Q4 CY08
10
5
0
–5
trade finance
Sources: IMF and BAFT-IFSA 2010; Haver Analytics; International Financial Statistics (IMF); WTO 2010. Note: CY = calendar year.