China's export growth outpaces most major economies in third quarter

Exports grew strongly in China and India in the third quarter of the year but slowed in other major economies, according to international trade statistics from the Organisation for Economic Cooperation and Development.

The OECD figures, derived from seasonally adjusted data for individual countries and released yesterday, showed total merchandise exports of the Group of Seven leading industrialised nations (the United States, Japan, Germany, Britain, France, Italy and Canada) and the BRIICS economies (Brazil, Russia, India, Indonesia, China and South Africa) grew 1.6 per cent year on year, outpacing the 0.4 per cent rise in imports, driven by strong trade growth in China and India.

China's exports grew 7.6 per cent, the fastest pace since the first quarter of last year, while imports climbed 2.5 per cent.

Indian exports rose 4.8 per cent and imports jumped 9.1 per cent.

In Japan, trade growth also picked up in the third quarter after a sales tax rise in April led to steep import declines in the second quarter. Exports increased 2.1 per cent in the third quarter while imports rose 2.5 per cent.

However, exports and imports contracted in all the major euro-zone economies.

In France, exports and imports fell for the second consecutive quarter, with exports down 3.2 per cent year on year and imports 0.9 per cent lower.