The Organization for Economic Cooperation and Development said trade in merchandise stalled in most major economies in the third quarter.
Imports in the Group of Seven nations, along with Brazil, Russia, India, China and South Africa, contracted 1 percent after growing 4.2 percent in the second quarter, the OECD said today in an e-mailed statement. Export growth slowed to 1 percent from 4.6 percent.
The Paris-based OECD cut growth forecasts for its 34 member states this week to reflect doubts that the European monetary union will survive the sovereign debt crisis. The region’s finance ministers meeting in Brussels today will seek a greater role for the International Monetary Fund to fight the turmoil.
Today’s OECD report showed export growth in China slowed “sharply” to 3.2 percent in the third quarter from 10.1 percent in the previous three months. Import growth accelerated to 2.8 percent from 0.9 percent. U.S. imports shrank 2.7 percent in the third quarter, while export growth slowed to 2.5 percent.