Global supply chains appear to be entering a new era.

After dropping sharply in 2009 as a result of the Recession, global trade volumes jumped

back up in 2010,  and stayed largely elevated through about mid-2014.

But something changed about then - and it's not clear what. But as can be seen in the chart below, merchandize trade fell from an index level of more than 110 (2010 = 100) for several years to less than 90 at the end of 2015.

It rose a bit from there until 2018, from which it falling again, putting global trade in merchandise now back to 2010 levels.

Is the golden age of global supply chains coming to an end? That's what some say wondering.

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