Trade accelerated in fourth quarter of 2010: OECD

Merchandise trade grew faster in the Group of Seven industrialised countries and most other major economies in the final quarter of 2010, the Organisation for Economic Co-operation and Development (OECD) said in a report today.

Exports from the G-7 and the major emerging economies of Brazil, Russia, India and China rose 8 per cent in the final three months of 2010 compared with a 1 per cent increase in the previous three-month period.

On the other hand, imports into these countries grew 7 per cent against 1 per cent in the previous quarter, OECD said.

Chinese imports, however, far exceeded its exports, reducing the country's trade surplus. The country's imports rose 9 per cent to $379 billion while its exports rose 3 per cent to $420 billion, reducing its trade surplus by $17 billion to $41 billion, OECD said in its quarterly review of trade statistics.

US exports rose 5 per cent against a 1 per cent rise in imports during the final quarter of 2010. US trade deficit decreased to $152 billion during the quarter from $160 billion in the previous quarter.

Germany's exports grew 7 per cent against a 4 per cent growth in imports, resulting in a $10 billion increase in its trade surplus to $54 billion.