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Strong growth in merchandise trade in OECD countries

Merchandise trade continued to grow strongly across major economies in the first quarter of 2011, according to statistics just released by the OECD. Total imports of G7 and BRICS countries grew by 11% in the first quarter compared to 8.2% in the previous quarter. Total exports grew by 8.5%, compared to 8.2% in the previous quarter. 

Strong uplift in trade amongst major nations

 

China’s trade surplus continued to fall in the first quarter of 2011 as import growth (8.4%) outpaced export growth (3.0%). At US$ 18 billion, China’s trade surplus in the first quarter of 2011 was less than half that recorded in the fourth quarter of 2010, and significantly lower than the US $ 91. 2 billion surplus recorded in the fourth quarter of 2008.

In the United States, the trade deficit increased to US$ 188 billion as import growth (11.5%) outpaced export growth (6.4%).

Import growth also outpaced export growth in Germany, Canada, France, Japan, India, Russia and South Africa, while exports increased faster than imports in Italy, the United Kingdom and Brazil.

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Posted in International Trade, OECD

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