Merchandise trade continued to grow strongly across major economies in the first quarter of 2011. Total imports of G7 and BRICS countries grew by 11% in the first quarter compared to 8.2% in the previous quarter. Total exports grew by 8.5%, compared to 8.2% in the previous quarter.

G7 and BRICS

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


China’s trade surplus continued to fall in the first quarter of 2011 as import growth (8.4%) outpaced export growth (3.0%). At US$ 18 billion, China’s trade surplus in the first quarter of 2011 was less than half that recorded in the fourth quarter of 2010, and significantly lower than the US $ 91. 2 billion surplus recorded in the fourth quarter of 2008.

In the United States, the trade deficit increased to US$ 188 billion as import growth (11.5%) outpaced export growth (6.4%).

Import growth also outpaced export growth in Germany, Canada, France, Japan, India, Russia and South Africa, while exports increased faster than imports in Italy, the United Kingdom and Brazil.