Exceptions to the Rule: Countries/Areas That Had a Growth in the Value of Their Exports in the Midst of the Great Depression

Abstract

This article presents a study of exports of 131 countries for the years 1928-1936. There are two important results. One, while world exports in current USD began to rebound from the collapse of trade during the Great Depression in 1933, world exports in constant US gold dollars decreased annually from 1930 through 1934, and only began to increase in 1935.  Two, the study shows that for different time periods within the Great Depression some countries or areas had an increase in exports even when the value of exports was measured in constant US gold dollars. These increases can be attributed to trade preferences and/or an ability for the country or area to increase output to such an extent that the value of their exports increased in spite of the worldwide deflation, fall in income, and increases in trade costs and trade barriers.