Merchandise trade volumes for the G7 countries as a whole continued to grow in the first quarter of 2010, but at a slower pace than in the fourth quarter of 2009, according to statistics just released by the OECD. Based on seasonally adjusted monthly data, merchandise trade values remain approximately 20% below pre-crisis levels in April and May.
G7 merchandise export and import volumes both grew by 3.2% in the first quarter of 2010 compared to 4.7% and 3.7%, respectively, in the fourth quarter of 2009. The highest increases were registered in Germany and Japan, where export volumes rose by 4.3% and 6.5%, and import volumes rose by 5.7% and 3.7%, respectively. Export volumes grew more slowly in Canada (0.4%), the United Kingdom (1.4%) and the United States (1.6%), where growth was also down from the fourth quarter of 2009. Growth in import volumes also slowed in all three countries.
The recent trend can be seen in the graphic below.
Total G7 merchandise trade in US$(bn) - Seasonally adjusted data at current prices and exchange rates. Source: OECD
Balance of Payments data paint a similar picture for the OECD as a whole. The value of merchandise exports and imports grew by 1.3% and 3.4%, respectively, in the first quarter of 2010, down from 8.0% and 6.7%, respectively in the fourth quarter of 2009 (not seasonally adjusted).
Balance of Payments data for trade in services show a fall in the first quarter of 2010 of 1.7% for exports and 1.0% for imports
Tags: exports, G7, imports, merchandise trade, OECD, services
