The Netherlands Bureau for Economic Policy Analysis release the world trade data on Tuesday. The volume of global trade declined 0.5% in the second quarter, after a 1.5% drop in the first quarter.

Global trade in the first half of the year showed the worst performance since the 2009 collapse in global trade.

"We have had a miserable first six months of 2015," chief economist of the World Trade Organisation, Robert Koopman, said. He pointed out that a faltering recovery in Europe and a slowdown in the Chinese economy weighed on global trade.