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Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo , Arnaud Mehl, Tra Nguyen We are accustomed to drawing an automatic link between exchange rates and exports through the trade competitiveness channel of exchange rates. This column highlights another important channel through which exchange rates affect global trade activity – the impact of a stronger dollar on tighter financial conditions, which in turn adversely affects credit availability for working capital of exporting firms.   Figure 1 is a striking illustration of how global trade activity fluctuates with the strength of the dollar. The chart plots the ratio of world goods exports to world GDP over the past 20 years or so. We see the strong growth in exports before the 2007-2009 Global Crisis, a deep decline as the crisis hit, and an equally sharp rebound in its aftermath. Thereafter, global trade was on a gentle declining trend relative to GDP until the Covid-19 pandemic struck last year. What i

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