Trade flows continue to collapse across G7

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The Organisation for Economic Cooperation and Development (OECD) on Wednesday reported that the unprecedented fall in global trade in the final quarter of 2008 had continued in the three months to March.

Quarter-on-quarter, the OECD data showed G7 exports fell by 13.6% and imports by 10.5% in the first quarter. Year-on-year exports plunged by 22.8% and imports by 16.8%. The data were based on figures for merchandise trade.

Japan was the worst hit, with exports contracting by more than a quarter

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