Precipitous falls last month in the export performance of India, South Korea and Japan show how quickly the global economy has been struck by the financial crisis emanating from the developed world. The disappointing export figures bring into doubt the sustainability of high economic growth estimates.

China, which is experiencing a more gradual slowdown, reported the slowest export growth in four months. The Chinese economy grew 9 per cent in the third quarter and its expansion next year could be 7.5 per cent or less, the weakest in almost two decades, according to some economists' projections.

“The import slowdown suggests waning domestic demand, falling prices and faltering exports because half of imports are used to manufacture outbound shipments,” said Li Wei, an economist at Standard Chartered Bank. “The liquidity from the trade surplus is welcome, but weaker exports are a real concern.”