Last week, Robert Brusca noted how the global slowdown was affecting international trade by citing Italy's trade data. Further evidence of the decline in world trade became available today with the release of December trade data for Sweden.

Sweden reported a 12,930 million kronor decline in imports and a 15,259 decline in exports, resulting in an improvement in its balance of trade of 7,479 million kronor for the month of December. But from the standpoint of world trade the fewer exports and fewer imports meant a decline in world trade activity of 18,189 million kronor or $2,760 million.

The attached chart shows the sum of the changes in Sweden's exports and imports over the past five years. The data showed little trend until April of this year. Since then the down trend has been dramatic.