The United States imported considerably less goods from China in the first quarter. According to provisional figures from the Organization for Economic Cooperation and Development (OECD), imports fell by a record pace due to the trade war.
All in all, Americans imported 12 percent less from China. As a result, total US imports were just under 2 percent lower. There was also a decline in China, with 0.5 percent after a minus of 6 percent a quarter earlier. The export figures of both major powers were on the rise, but according to the OECD the levels here were lower than before.
The ongoing trade dispute between the US and China also affects other major economies, due to exchange rate effects and because trade flows are being diverted. In countries such as Indonesia, Japan and South Korea, for example, exports and imports fell sharply in the first quarter.
The OECD presented figures on the G20, the group of the world’s most important economies. It was also noticeable that there was a sharp increase in trade in the United Kingdom. British companies clearly built up extra stocks in the first quarter to prepare for the Brexit, the OECD said. On average, G20 exports increased by 0.4 percent on a quarterly basis, while imports fell 1.2 percent.