Based on our Searchable List of Most Valuable Exports During Great Recession found near the bottom of this article, more than 100 of the highest-value export products posted sales decreases exceeding 20% year over year.
While the financial crisis was paralyzing buyers around the world with fear, the overall value of exported goods fell by an average -22.7% from US$15.978 trillion in 2008 to $12.349 trillion one year later.
Still, the Great Recession impacted some exported products more than others. The following analysis highlights which products that suffered the most dramatic losses.
As famous American author Mark Twain wrote, “History does not repeat itself but it rhymes.” Therefore, it would be wise to monitor the following exports for signs of an impending future economic slowdown.
Recession-Sensitive Export Products
Below, you will find the 20 most valuable exported products suffering the highest loss rates from 2008 to 2009. The list is sorted in descending order based on percentage declines during the Great Recession (as shown within parentheses).
Leading the way are a handful of products related to the iron and steel industry as well as workhorse construction vehicles.
- Iron ferroalloys: US$16.3 billion (down -54.7% in 2009 from 2008)
- Heavy machinery (bulldozers, excavators, road rollers): $24 billion (down -53.9%)
- Iron or non-alloy steel products (semi-finished): $20.9 billion (down -53.9%)
- Iron or non-alloy steel angles, shapes, sections: $11.6 billion (down -53.4%)
- Iron or non-alloy steel bars, rods: $15.3 billion (down -51.1%)
- Fertilizer mixes: $12.1 billion (down -50.7%)
- Tractors: $29 billion (down -49.2%)
- Hot-rolled iron or non-alloy steel products: $42.3 billion (down -48.6%)
- Potassic fertilizers: $10.3 billion (down -47.6%)
- Trailers: $13.9 billion (down -46.1%)
- Flat-rolled stainless steel items: $19.4 billion (down -45%)
- Copper wire: $12.5 billion (down -43.4%)
- Miscellaneous iron or steel tubes, pipes: $15.9 billion (down -42.8%)
- Trucks: $67.3 billion (down -42.8%)
- Crude oil: $861.7 billion (down -41.2%)
- Iron or steel scrap: $30.3 billion (down -41%)
- Natural rubber: $11.9 billion (down -40.4%)
- Aircraft, spacecraft: $78 billion (down -39.2%)
- Yachts, other pleasure/sports vessels: $10.8 billion (down -39.1%)
- Aluminum oxide/hydroxide: $9.6 billion (down -39.1%)
The sole energy-specific export to appear among the top 20 losers is crude oil, typical of a slowing economic environment.
A wide range of transportation vehicles, from tractors and trailers to trucks, aerospace products and luxury boats, also posted hefty year-over-year declines. The Great Recession undoubtedly dampened worldwide demand for these relatively expensive goods which often require a longer-term payback commitment.
Perhaps more ominously, many of the declining export products are associated with industries that generate a formidable amount of labor employment and related discretionary consumer spending.
Searchable List of Most Valuable Exports During Great Recession
Presented below are the 250 top exported goods ranked by those with the highest value in 2009. Also shown is the percentage change in the value of exports for each product from 2008 to 2009.
You can change the presentation order by clicking the triangle icons at the top of the columns.
To browse winning or losing products by percentage gains or losses, please click on the column heading titled “2008-9”.
See also Most Valuable Recession-Proof Export Products, Great Recession International Trade Losses by Country and World’s Richest Export Countries
Research Sources:
Federal Reserve Bank of St. Louis, Why Was the Decline in U.S. Trade Larger This Time? A Global View. Accessed on December 10, 2022
International Trade Centre, Trade Map. Accessed on December 10, 2022
Wikipedia, Financial crisis of 2007-2008. Accessed on December 10, 2022
Wikipedia, Great Recession. Accessed on December 10, 2022