Merchandise trade declines across most major economies in first quarter of 2014

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Paris, 27 May 2014 News release OECD International Trade Statistics

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Merchandise trade declines across most major economies in first quarter of 2014

Total merchandise exports of the G7 and BRICS economies combined fell 2.7% in the first quarter of 2014 compared to the previous quarter (seasonally adjusted figures in current US dollars). Imports stagnated with only 0.1% growth over the same period (mainly due to continued imports of crude oil and fuels).

Exports fell sharply in China (by 7.3%) which may partly reflect the Chinese New Year but also the impact of a government crack-down on over-invoicing; imports fell more moderately (by 0.9%). In Japan, the recent import boom in the run up to the consumption tax hike in April seems to have dissipated, with imports rising by only 0.9%, while exports slowed sharply (by 3.5%). Overall this resulted in a record high trade deficit of 44.8 billion USD.

In the United States, exports fell by 1.3%, while imports increased by 0.8%. Canada witnessed the sharpest quarterly decrease in exports (2.9%) and imports (3.3%) since 2009. Merchandise trade also declined substantially in the United Kingdom (3.2% for imports and 4.3% for exports).

Among the G7 and BRICS countries, only Germany and Italy registered an increase in merchandise exports of 2.1%

and 1.5%, respectively. Exports and imports were mainly flat in France.

In other BRICS countries merchandise trade also contracted. In Brazil, exports declined 5.8% and imports increased by 1.9% while in Russia exports and imports declined by 2.9% and 2.8% respectively. India also witnessed a decrease in trade (3.0% for exports and 0.9% for imports), as did South Africa (4.3% for exports and 1.5% for imports).

Merchandise trade in US$ billion (Customs data) Seasonally adjusted data at current prices and exchange rates

G7 and BRICS China

United States Germany

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Japan France

Italy United Kingdom

Russian Federation India

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Canada Brazil

South Africa

G7 countries comprise Canada, France, Germany, Italy, Japan, United Kingdom, United States.

BRICS countries comprise Brazil, the Russian Federation, India, China, South Africa.

Statistical tables used for graphs can be found at:

www.oecd.org/std/internationaltradeandbalanceofpaymentsstatistics/quarterlytradedata.xlsx Useful links:

This press release, as well as previous releases, can be found on the OECD website at :

http://www.oecd.org/std/internationaltradeandbalanceofpaymentsstatistics/

For more information on measurement of international trade see OECD “Statistics Brief” No. 1 October 2001 at : www.oecd.org/std/internationaltradeandbalanceofpaymentsstatistics/2539563.pdf

Contacts:

For further information contact STD.Tradestats@OECD.org Next release: September 2014