G7 and BRIICS merchandise trade continues to slow in second quarter of 2015

Total G7 and BRIICS international merchandise trade, in current US dollars, continued to contract in the second quarter of 2015, with exports and imports declining by 0.9% and 1.2% respectively, compared with the previous quarter. 

The slowdown in trade in the second quarter of 2015 was particularly marked in South East Asian economies, with exports and imports contracting in China (by 3.5% and 0.1%, respectively) as well as in Japan (by 4.4% and 5.4%) for the third consecutive quarter, and Indonesia (by 0.8% and 6.6%), for the sixth straight quarter. 

Exports and imports in India rebounded slightly (up 0.6% and 3.4%) from the slump in the first quarter of 2015 but remain below previous 2011 lows. 

Exports and imports also decreased markedly in Brazil (by 1.2% and 14.4%), and the Russian Federation (by 3.6% and 9.7%). 

Exports rose by 4.3% in South Africa while imports contracted by 8.5%. 

Similarly, exports grew by 0.5% in the United States and imports declined by 0.5%. While in Canada exports fell by 1.7% and imports rose by 1.8%. 

In the United Kingdom, France and Germany, exports grew (by 4.1%, 1.0% and 1.4% respectively), while imports fell (by 0.1%, 0.3% and 0.9%). In Italy, export growth (0.5%) was outpaced by import growth (2.2%).