Total (seasonally adjusted) merchandise exports of the G7 and BRIICS economies grew by 1.6% in the 3rd quarter of 2014 compared to the previous quarter, outpacing the growth of imports (0.4%). This overall increase was mainly driven by high trade growth in China and India.

Exports grew sharply in China by 7.6%, the highest rate since Q1 2013, and imports by 2.5%. Trade also grew strongly in India for the second successive quarter, with exports and imports up by 4.8% and 9.1% respectively.

In Japan, exports and imports grew by 2.1% and 2.5% respectively, the highest rates since Q1 2013, partly unwinding the effects of the April consumption tax rise that resulted in steep import declines in Q2 2014.

In Canada exports and imports rose by 2.5% and 0.5% respectively but at a slower pace than in the previous quarter. Export growth also slowed in the United States, to 1.1% with imports declining by 0.3%.

Exports and imports contracted in all major Euro area economies. In France, exports and imports fell for the second consecutive quarter by 3.2% and 0.9% respectively, while in Italy exports contracted by 2.7% and imports by 4.2%. In Germany exports fell by 1.1% and imports by 2.6%, partly due to the EU sanctions on Russia and the reciprocal import embargo. For these same reasons, as well as to lower oil prices, the exports and imports of Russia also declined (by 2.5% and 4.1% respectively).