While some evidence is emerging that the economic downturn is easing, the global trading system is under great stress. The U.S. Census Bureau's most recent reporting of trade data through June 2009 indicates a sharp decline in global trade over the past year.

Of America's 46 customs districts, "11 registered one-month decreases in excess of 40 percent. Honolulu's decline in June was even more severe, at 53.52 percent, while the U.S. Virgin Islands suffered a 61.75 percent decrease," according to Ken Roberts at WorldCity, who regularly analyzes trade data.

More than half of all customs districts saw a 30% decline of trade. The New York custom district topped the trade charts in 2008, but with its trade declining by $57 billion in the past year, Los Angeles has moved into the number one spot even though trade through its ports declined nearly $50 billion.

Overall, trade in 44 of the 46 U.S. customs districts dropped over the past year. The two surpluses were found in Washington, D.C., with a 7.85% increase and in mail shipments of goods with an increase of 0.7%.

Canada is the largest U.S. trading partner, but U.S.-Canada trade dropped by $100 billion or 36%. The U.S. saw a global decline in exports and imports of $500 billion over the past year -- nearly a 30% decline.

Rounding out the top trading partners: trade with Mexico dropped by 25%, China by 14%, Japan by 35% and Germany by 31%.

These numbers paint a picture of a global trading system under great stress. But with consumer spending down sharply, the U.S. government operating with an unprecedented budget deficit, and business investment depressed, exports must be an important motor of recovery.