International trade volumes are negative year-over-year for the first time since the great recession.

The Netherlands Bureau for for Economic Policy Analysis has an interesting report called the World Trade Monitor.

• World trade volume increased 2.3% month‐on‐month (growth was ‐2.1% in December, initial estimate ‐1.7%). Due to the US shutdown, no data on US import/export values in January are available. The 0.0% import/export volume growth for the US is a technical assumption.
• World trade momentum was ‐1.8% (non‐annualized; ‐1.0% in December, initial estimate ‐0.9%).
• World industrial production increased 0.0% month‐on‐month (‐0.1% in December, unchanged from initial estimate).
• World industrial production momentum was 0.0% (non‐annualized; 0.4% in December, unchanged from initial estimate).

World Industrial Production

​Those few bullet points and charts constitute the entire report. The collapse in global trade is both telling and worrisome.