%0 Journal Article
%T Main factors of the 2008–2015 slowdown in international trade
%A Białowąs, Tomasz
%J International Business and Global Economy
%V 2017
%R 10.4467/23539496IB.17.008.7456
%N Volume 36
%P 114-127
%K international trade, trade policy, economic growth
%@ 2300-6102
%D 2017
%U https://ejournals.eu/en/journal/ibage/article/glowne-czynniki-spadku-dynamiki-handlu-miedzynarodowego-w-latach-2008-2015
%X 
	The aim of the paper is to evaluate the main factors influencing the value and dynamics of international trade flows in 2008–2015. The author points to the main factors of the 2009 trade breakdown and 2012–2015 slowdown. Empirical analysis suggests the decline in exports can be largely traced to weaker economic activity, most notably subdued investment growth. The apparent decline in the growth of global value chains also played an important part in the observed slowdown. A small role was also played by the changes in trade policy. For 2012–2015, analysis reveals a significant impact of the decrease in export prices on global trade value, which has been growing at a similar rate as world GDP in volume terms, whereas in value terms the growth rate is much lower.