Total merchandise trade of the G7 and BRIICS economies combined was broadly stable in the second quarter of 2014, with exports rising 1.5% and imports falling 0.8% compared with the previous quarter. 

This broad stability however masked diverging patterns across countries.  

In the United States and Canada, both exports (up 2.2% and 4.7%, respectively) and imports (up 2.7% and 4.9%, respectively) rose strongly in the second quarter of 2014. By contrast, in Japan, merchandise trade declined, with both imports and exports contracting (by 7.8% and 0.5% respectively) as the effects of the April's increase in the consumption tax unwound. 

Among the major EU countries, in Germany exports increased by 0.5% and imports decreased by 1.3%. In France both exports and imports fell (by 0.6% and 0.2%, respectively). In Italy exports remained broadly flat while imports rose (by 1.4%). In the United Kingdom both exports and imports rose compared with the previous quarter (by 0.4% and 1.1%, respectively). 

In China, exports rose by 2.9% and imports contracted by 4.1%, partly reflecting lower commodity prices. Exports also rose and imports fell in Russia (by 2.8% and minus 3.8%, respectively) and in Brazil (by 0.7% and minus 6.6%, respectively). In Indonesia and South Africa both exports and imports declined (by 3.4% and 0.9%, for Indonesia and by 3.9% and 2.0% for South Africa).