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G7 Merchandise Trade Volume Slows in Q2
Oct 13, 2006
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The Organisation for Economic Co-operation and Development (OECD) reported today that merchandise trade volume growth in the Group of Seven countries continued a downward trend to a seasonally adjusted 1.1 percent for exports and 0.1 percent for imports in the second quarter of 2006 compared with the first quarter 2006. On a year-to-year basis, G7 trade volumes continued to grow, with exports 8.9 percent higher and imports up 5.7 percent.

The G7 nations together account for approximately two-thirds of the world's economic output. They are:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • the United Kingdom
  • the U.S.

The OECD said Germany’s merchandise exports stagnated at 0.3 percent volume growth compared to the previous quarter while import growth rose a modest 0.7 percent. On a year-to-year basis, trade volume growth slowed to 8.0 percent for exports and 2.6 percent for imports.

In the U.S., quarter-to-quarter trade volume growth slowed as well. Exports rose only 1.8 percent while imports were -1.0 percent. Year-on-year, the upward trend continued in the second quarter of 2006 with 9.6 percent volume growth for exports and 6.4 percent for imports.

Japan's merchandise trade volume growth stagnated at 0.0 percent for exports, according to the OECD, and 0.5 percent for imports. Year-on-year, export volumes were up 9.3 percent and imports were 4.8 percent higher.

The United Kingdom’s export volume growth was above G7 average at 4.7 percent compared with the previous quarter and 18.4 percent on a year-to-year basis. Import volume growth was 0.9 percent quarter-to-quarter and imports up 6.0 percent year-to-year.

Export growth of goods and services in OECD countries measured in current U.S. dollars increased slightly to a seasonally adjusted 5.1 percent quarter-on-quarter in the second quarter of 2006. Imports growth was steady at 4.8 percent in the same period.

Merchandise Trade: Quarterly Export Volume Growth
Percentage change on the previous quarter (seasonally adjusted)
2004
2005
2006
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Major Seven
2.8
0.5
1
-0.9
3.7
-0.8
5.1
3.4
1.1

Canada

6.4
-1.1
-1.5
2.3
-0.2
-2
7
-1.5
-0.2

France

3.9
0.7
1.1
0.9
2.7
-2.6
5.7
5.9
0.8

Germany

2.7
-0.8
2.7
-3.7
7.1
-1.5
6.8
2.4
0.3

Italy

5.9
0.9
0.8
-4.7
2.4
1.8
-2.3
1.7
0.9

Japan

2.0
-0.1
-0.9
-1.8
1.6
-0.1
5.4
3.9
0.0

United Kingdom

-0.6
2.2
3
-1.1
5.2
-3.2
12.4
3.9
4.7

United States

2.0
1.9
0.9
1.4
3.8
0.7
1.9
4.8
1.8
EU-15 Extra EU
3.4
-0.3
2.2
-1.8
6.6
2.5
2
-1.9
1.3

Source: OECD

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