G7 trade flows growth slows down in Q1 2010

10:04, July 22, 2010      

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The growth of merchandise trade volumes for the Group of 7 countries as a whole slowed down in the first quarter of 2010, albeit a continued upward trend, the Paris- based Organization of Economic Cooperation and Development said Wednesday.

Compared to the fourth quarter of 2009, G7 merchandise export and import volumes both grew by 3.2 percent in the first quarter, more than respective growth rate of 4.7 percent and 3.7 percent a quarter before.

Germany and Japan registered rises in export volumes by 4.3 percent and 6.5 percent respectively, leading the G7 overall trade flows growth, whilst Canada, the United Kingdom and the United States recorded growth rates smaller than 2 percent, the developed countries bloc said in a report.

Based on seasonally adjusted monthly data, merchandise trade values remain approximately 20 percent below pre-crisis levels in April and May, OECD added.

As to balance of payments data, the value of merchandise exports and imports grew by 1.3 percent and 3.4 percent, respectively, in the first quarter, down from last quarter's 8.0 percent and 6.7 percent accordingly.

Balance of payments data for trade in services showed a fall in 2010 first quarter of 1.7 percent for exports and 1.0 percent for imports.

The G7 groups seven most industrialized countries, which are France, Germany, Italy, Japan, the United Kingdom, Canada and the United States.

Source: Xinhua

(Editor:祁澍文)

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