During the early 20th century, the Netherlands Indies enjoyed a healthy export trade, mainly in agriculture produce, to Europe, North America and its immediate neighbours in Asia. The world depression which struck in 1930 seriously disrupted these markets. The volume of goods exported and the price they commanded both declined sharply. Not only European plantation owners and their workers suffered; so did the many Indonesian small-holder producers of rubber, coffee, tobacco, tea and coconut. Government revenues declined and the colonial state began to wind back the development programmes that it had started within the framework of the Ethical Policy.