China's export growth outpaces most major economies in third quarter
Latest OECD data shows only India came close to China's export growth in the 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.
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.
Italy's exports contracted 2.7 per cent while imports dropped 4.2 per cent.
In Germany, exports fell 1.1 per cent and imports dropped 2.6 per cent, partly because of the European Union sanctions on Russia and a reciprocal import embargo.
Low oil prices also led to a 2.5 per cent decline in Russian exports and a 4.1 per cent fall in its exports.
American and Canadian exports continued to improve, but more slowly than in the second quarter.
Canada's exports grew 2.5 per cent while imports rose 0.5 per cent. US export growth slowed to 1.1 per cent, while imports declined 0.3 per cent.
The OECD data also showed China's trade surplus jumped 37 per cent quarter on quarter to a record US$114 billion, rising for the second consecutive quarter.
The combined trade balance of the G7 and BRIICS countries showed a deficit of US$70.5 billion during the period, while the G7 alone was in deficit by US$192.3 billion.
