PARIS: Merchandise trade growth slumped in most major economies in the last quarter of 2014 due to the effects of an appreciating U.S. dollar, the Organisation for Economic Cooperation and Development (OECD) said.
The total imports of seven major developed countries – Canada, France, Germany, Italy, Japan, Britain and the United States – and BRICS countries – Brazil, Russia, India, China and South Africa – were down by 3.7 percent over the last three months of last year compared to a quarter earlier on continued fall in oil prices, the Paris-based organization said in a communique.
Total exports of the 12 economies fell by 3 percent, also affected by an appreciating US dollar. However, “measured in local currencies, exports grew in most major economies,” the think-tank added.
According to the OECD’s quarterly report, all major European economies saw contracted merchandise trade with falls in both exports and imports recorded in Germany, France, Britain and Italy.
Over the Q4 period, the United States’ imports were stable and export contracted by 1.2 percent, while in China, the country’s sales abroad grew slightly and imports decreased by 2 percent.
Brazil experienced a sharp drop in exports and imports by 16 percent and 8.3 percent respectively, the largest trade deficit on record, according to the report.
