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Trade stages a V-shaped recovery




World trade collapsed spectacularly beginning in the summer of 2008, and it staged an impressive comeback in 2009. By the end of last year, U.S. exports of goods and services had recovered fully half of what they lost from July '08 through April '09. If this isn't a V-shaped recovery in trade—arguably the most important source of global economic growth—then I don't know what it is. The global economic engine is firing on all cylinders, and it's not going to stop anytime soon. In fact, there is still a lot of catching up to do to get back to where we were in mid-2008, which means more growth for everyone.

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