However, international trade in goods and services has been more volatile than world output in recent decades and, consequently, could be an important channel through which the crisis is spread to developing economies (Griffith-Jones and Ocampo 2009, World Bank 2008). The IMF (2009c) forecasts a 15.0 per cent decline in export volumes for the advanced economies in 2009, with a corresponding figure of 6.5 per cent in emerging and developing economies. Imported volumes are also forecasted to decline by 13.6 and 9.6 per cent, respectively, in emerging and developing economies.