Exports by the bloc’s members were up a meager 0.4% in Q1, while imports slid by 1.2%. The organization points out the negative effects of the USA-China trade war.
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On the eve of the bloc’s summit, in Buenos Aires, OECD reported that exports rose only 0.3%, with imports up 0.7%, a reflection of protectionist measures taken by the member countries.
Foreign sales of basic goods rose 2.7% in September, while sales of other items dropped 7%, according to Fundação Getulio Vargas (FGV).
The organization’s new forecast for growth in trade volume in 2018 went from 4.4% to 3.9% in face of the trade war between the United States and China and the volatility in exchange rates.
Brazil, Russia, India, China and South Africa may help deter the global trend, the Brazilian minister of Foreign Affairs Aloysio Nunes said.
So said IMF managing director Christine Lagarde as she called on G20 leaders to work together for more balanced growth.
