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Compensatory financing was first established in 1963 to provide assistance with balance of payments problems resulting from temporary declines in export earnings.
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The declines in exports reflect a sudden weakening of orders.
The Agriculture Department is expecting steep declines in exports of corn, wheat, soybeans and pork.
But businesses have grown more cautious since spring, seeing tepid growth in consumer spending and declines in exports.
It also suggests why Los Angeles added jobs in the 1940's despite declines in exports and why Detroit lost jobs even as its automotive export work boomed.
German exports to the United States have been particularly hard hit by the global downturn, with sectors including engineering, forest products, furniture and automobiles reporting sharp declines in exports.
They say it should bolster government spending to offset declines in exports to the United States, which appear to be pushing Japan's $5 trillion economy into recession.
Japan's economy has deteriorated further on sharp declines in exports, industrial output and business investment, the government said in its monthly report.
Caroline Freund, an economist at the bank, says that most countries for which data are available have reported double-digit declines in exports in the year to November.
Japan's exports slipped in July as annual declines in exports to the United States and China accelerated, a sign that the impact of stimulus measures in major economies worldwide may be starting to wane.
"So far the markets are responding to expectations and speculations rather than actual declines in exports or investment flows," said Jaime Serra Puche, a former business minister and Mexico's chief Nafta negotiator.
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