Despite a modest recovery of quarterly trade volumes (2.5% for exports and 0.4% for imports), year-on-year import volume growth of the Group of Seven continued to slow in the first quarter 2008 to only 1.0%, the lowest rate since the first quarter 2006. Exports were up 5.6% in the first quarter of 2008 compared with the same period in 2007.

Quarter-on-quarter, Germany and France largely contributed to the increase in export volumes of the G7 with 5.1% and 8.7% respectively. Import volumes were also above the G7 average with 4.3% and 4.1%. On a year-on-year basis, Germany's exports were up 5.8% and imports 2.6%, while France's export volumes were up 8.0% and imports 5.8%.

The United States' quarter-on-quarter export volumes fell 0.2% and imports were down 0.9%. Year-on-year, export volumes grew by 7.8% while imports fell 1.1% contributing, together with Japan, to the longer-term G7 trend of declining import volume growth.

In the first quarter 2008, Japanese trade volume growth remained sluggish compared to the previous quarter. Exports rose 0.9% while imports fell 0.7%. Year-on-year Japan's exports grew 9.1% while imports fell by 1.1%.

Trade in Goods and Services Values (balance of payments data)

Export growth of goods and services in OECD countries, measured in current US dollars, increased marginally to a seasonally-adjusted 5.5% quarter-on-quarter in the first quarter of 2008. The growth in imports decreased slightly to 5.2% in the same period.

In value terms, for trade in goods the quarter on quarter growth, for both exports and imports, exceeded the corresponding growth in trade in services in the first quarter. The growth in imports of services slowed sharply to 1.3% quarter on quarter.

Export value growth for goods and services in OECD countries rose to 20.9% year on year, and import growth rose to 20.4%.