Diverging patterns of merchandise trade across major economies in third quarter of 2013
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28/11/2013 - Merchandise trade imports and exports in G7 and BRICS economies grew by 1.4% during the third quarter of 2013, offsetting the contractions seen in the previous quarter
Merchandise trade rebounded strongly in major euro area economies. In Germany, import and exports grew by 4.7% and 4.6%, respectively, in the third quarter of 2013 following declines of 2.2% and 1.9% in the previous quarter. Growth also returned in France, with imports and exports up by 2.2% and 1.8%, and Italy (by 4.4% and 2.1%).
Merchandise trade imports and exports also grew in the United States (by 1.4% and 0.5%) and the Russian Federation (by 0.7% and 4.4%). China’s merchandise trade surplus declined for the third straight quarter as growth in imports (2.3%) continued to outpace growth in exports (0.7%).
Imports grew and exports contracted in Canada (by 0.1% and minus 0.8%) and the United Kingdom (by 1.1% and minus 2.3%). In South Africa imports (up 2.7%) continued to outperform exports (minus 2.4%), which fell to their lowest level in three years, resulting in South Africa’s largest merchandise trade deficit over the last eight years.
Imports contracted and exports grew in Brazil (by minus 2.3% and 0.7%) and in India (by minus 7.3% and 9.8%).
Imports and exports continued to contract in Japan (by minus 0.1% and minus 2.9%, respectively). Japan’s merchandise trade exports are now at levels not seen since the end of 2009, following six successive quarters of contraction.
Merchandise trade in US$ billion
G7 and BRICS
Seasonally adjusted data at current prices and exchange rates
Source: Statistics on International Trade Database, OECD