Global trade in G7 countries and major emerging markets Brazil, Russia, India, China and South Africa has slowed, proof that global economic recovery is slowing. Exports for G7 countries and BRIC nations (which now includes South Africa) rose 1.9% in the second quarter from 7.7% in the first quarter. Imports were up a mere 1.1% compared to 10% the previous quarter, Bloomberg reported.
Here are some of the specifics:
- China had a large trade surplus, with imports falling to 0.7% down from 11.1% the last quarter, while exports surged 10%, up from 2.9% in the first quarter.
- U.S. imports eased to 3% from 11.1% in the first quarter, while exports fell to 2.6% from 5.6%.
- Brazil’s exports surged 11.2% this quarter, from 5.7% (via AFP).