The chart above is based on data from the World Trade Monitor
(CPB Netherlands Bureau for Economic Policy Analysis) and shows monthly World Industrial Production and World Trade from January 1991 to November 2011. As the chart shows, global output has made a complete recovery from the sharp decline of 12% from March 2008 to February 2009, and output is now almost 3% above the March 2008 peak. Global trade suffered an even-greater 20% drop over approximately the same period, from April 2008 to February 2009. There has since been a 24% recovery in international trade, but it's still about 1% below the April 2008 peak.
Bottom Line: Within the next few months, we can expect global trade to reach its pre-recession level, and then both global output and global trade will have experienced a complete recovery from the Great Recession.