of goods shrank by 2.8 per cent in volume and by
5 per cent in value. Extremely weak intra-EU trade
was responsible for almost 90 per cent of the decline
in E urope’s exports in 2012. However, trade performance
was also weak in other developed countries.
In Japan, exports have not yet recovered from their
sharp fall caused by the earthquake of 2011,1 while
the volume of its imports has continued to grow at
a moderate pace. Among the other major developed
countries, only the United States maintained a positive
growth rate of both exports and imports, although
that of its exports appears to be decelerating further
in 2013. This signals a mounting headwind for the
world’s largest economy, where exports initially
appeared to spur a recovery.
of goods shrank by 2.8 per cent in volume and by
5 per cent in value. Extremely weak intra-EU trade
was responsible for almost 90 per cent of the decline
in E urope’s exports in 2012. However, trade performance
was also weak in other developed countries.
In Japan, exports have not yet recovered from their
sharp fall caused by the earthquake of 2011,1 while
the volume of its imports has continued to grow at
a moderate pace. Among the other major developed
countries, only the United States maintained a positive
growth rate of both exports and imports, although
that of its exports appears to be decelerating further
in 2013. This signals a mounting headwind for the
world’s largest economy, where exports initially
appeared to spur a recovery.
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