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The unprecedented and largely synchronized drop in merchandise trade volumes of the Group of Seven (G7) countries of the last quarter 2008 continued in the first quarter 2009.
All countries need to trade, with their neighbours and globally, to sustain long-term economic growth. Some low-income countries lack the instutitions, infrastructure to benefit from open markets and lift their people out of poverty.
With world trade volumes likely to shrink by as much as 13 percent in 2009 from 2008 levels, the OECD is urging governments to avoid protectionist measures and keep markets open in order to allow economies to benefit from the recovery when it comes.
Merchandise trade volumes of the Group of Seven (G7) took an unprecedented drop in the last quarter of 2008 compared with the previous quarter.
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Export Credits Statement - 24 April 2009
Thirty-five countries have agreed to co-ordinate export credit support to help boost international trade and investment during the economic crisis. The OECD will host regular meetings to exchange information and monitor progress.
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Merchandise export volumes of the Group of Seven countries fell 0.2% in the third quarter of 2008 compared with the previous quarter, while import volumes rose 0.4%.
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