Merchandise trade growth accelerates in fourth quarter of 2010 in most major economies

Merchandise trade growth quickened in the final quarter of 2010 in most major economies, with record trade figures in China. Total exports of G7 and BRICS countries grew by 8% in the fourth quarter compared to 1% in the previous quarter. Total imports grew by 7% compared to 1% in the previous quarter.

Exports were up 3% in China (to US$ 420 billion). But with imports rising at 9% (to US$ 379 billion), China’s trade surplus fell by US$ 17 billion to US$ 41 billion. In the United States the trade deficit decreased to US$ 152 billion, compared to US$ 160 billion in the third quarter, as exports grew by 5% and imports by 1%.

Germany’s trade surplus increased by US$ 10 billion in the fourth quarter of 2010 to reach US$ 54 billion , as export growth of 7% outpaced import growth of 4%. Double-digit export growth in Russia (19%) and South Africa (14%) also led to large increases in these countries’ trade surplus. In India, export growth of 21% resulted in a significant decrease in the trade deficit.

In the United Kingdom exports grew at the same pace as imports (5%), while imports grew at a faster pace than exports in France (5% for imports versus 2% for exports), Italy (9% vs 7%), Japan (5% vs 4%) and Brazil (4% vs 1%). In Canada exports grew by 6% compared to 3% for imports, resulting in a small trade surplus, the first since the third quarter of 2009.

Merchandise trade in US$ billion (Customs data)- Seasonally adjusted data at current prices and exchange rates –OECD.