OECD Reports Drop in Global Trade

The Organization for Economic Co-operation and Development (OECD) reported today that total imports for the G7 nations plus Brazil, China, India, and Russia (BRICs) fell by -0.2% in the fourth quarter of 2011, after a decline of -0.7% in the third quarter. Exports also fell, by -12.2%, compared with an increase of 0.9% in the third quarter.

The US and China both showed higher imports for the quarter, by 1.8% and 4.7% respectively, but exports fell slightly for both countries. Exports in both the US and China have not dropped in the same quarter since the second quarter of 2009.

In the eurozone, exports and imports fell in Germany, France, and Italy. In the UK, imports fell by -1.9% and exports rose by a thin 0.3%. Only Russia and Brazil showed increases in both imports and exports.

The OECD announcement is available here.