Wow, some amazing numbers out of America’s biggest trading partners: Mexico fell 21.5%, Japan reported its economy contracted 15.2% (annualized) in Q1, while Germany’s Q1 fell at an annualized 14.4%. Most of this data is the worst since 1970.
And, its not too hard to guess why, according tot he front page of the WSJ:
“All three countries depend on exports to the U.S. But they have nose-dived as U.S. consumers cut back purchases of autos, electronics and other goods mass produced abroad. For the first three months of 2009, U.S. merchandise imports declined about 30% to $352.5 billion compared with the same period a year earlier. Mexico’s ties to the U.S. are particularly strong because of the North American Free Trade Agreement, and Mexican auto production in the first quarter fell 41% from the year before.”
Not quite green shoots . . .
Originally published at The Big Picture and reproduced here with the author’s permission.