A drop in merchandise trade volumes of the Group of Seven (G7) countries of the last quarter 2008 continued in the first quarter 2009, OECD said in a report released Wednesday.
Quarter-on-quarter, G7 exports fell 13.6% while imports were down 10.5% in the first quarter of 2009. Year-on-year exports markedly dropped by 22.8% and imports fell 16.8% in the first quarter 2009.
German quarter-on-quarter exports dropped 13.0% and imports by 9.5% in the first quarter 2009.
Quarter-on-quarter, United States exports fell 11.5% and imports 11.8%. Compared with the previous twelve months, exports declined by 15.8% and imports by 19.0%.
Japan seems to be particularly affected by the current crisis with a 26.7% slump in quarter-to-quarter exports and a drop in imports of 12.9% in Q1 2009. Year-on-year, export volumes plunged by a striking 42.1% and imports fell 18.7%.
OECD noted however in its report that although G7 total merchandise trade values continued to drop, rates of decline are showing signs of deceleration.