More applications of Large Open Economy interactions, this time from the WTO.

The collapse of world trade is partly due to insufficient trade credit financing. The global market for trade finance (credit and insurance) represents approximately 80% of 2008 trade flows, valued at $15 trillion. The World Bank estimates that the fall in the supply of trade finance has contributed some 10% to 15% of the decrease in world trade since the second half of 2008.  

This would imply a $2.25 trillion (15% of $15 trillion) decline in trade since June 08.

There are green shoots, however, which can be confirmed using the Baltic Dry Index. The WTO writes

The most recent information indicates that the situation seems to have eased a bit in Asia, particularly in China, although some countries see their access to finance still very restricted (Philippines, Vietnam). In Africa, the situation remains tense, and active banks are seeking support from international financial institutions. In Latin America, credit rates have somewhat eased up since the fall of 2008, but are still higher than usual both in small Latin American states, and increasingly in larger countries such as Mexico and Argentina.