Since the 2008-2009 financial crisis, world trade has lastingly and structurally slowed. This was not obvious from the outset. Trade is in large part composed of manufactured goods, demand for which is more cyclical than that for services and agricultural products. Investments, which comprise a high proportion of imports, are also more volatile than the rest of demand. The fact that exports incorporate more and more intermediary imported inputs has accentuated the cyclicity of trade. Finally, during an acute financial crisis, the restriction of commercial credit and the deterioration of guarantees (more essential still to exports than to national transactions) restrict international trade.