According to CPB Netherlands Bureau for Economic Policy Analysis, World Exports (Volume) experienced a significant decline in April, down 16.8% YoY, registering their highest contraction since May 2009 (-19%). While EM exports fell by 'only' 6.5%, they experienced a titanic drop of 24.8% in advanced economies, the strongest contraction in history (figure 1, left frame). As we know, the world was already slowing down prior to the COVID-19 crisis as most of the business surveys had already been weakening since the beginning of 2018. It is interesting to see world trade exports, which have historically