This trade slowdown has also adversely impacted small states, with a contraction of goods and services exports of $67 billion in 2015.3 However, services have been outperforming trade in goods, the contraction in small states is explained by the goods exports contraction of $79 billion. The projections for 2012-2021 unfortunately also present a somewhat sanguine outlook and perspective. If projections turn out to be correct, this could be the slowest period of trade expansion since the second world war.