International trade by the world’s biggest economies has fallen for the first time in two years, as the US dollar strengthens and protectionism increases, according to the Organisation for Economic Cooperation and Development (OECD). The Washington-based organisation said that global exports of goods fell at an annual rate of 2.2% between January and March, compared with a decline of 0.7% during the same period last year. The OECD said that depreciation against the dollar had been partly to blame, but that the Trump administration’s tariffs were the greatest risk to economic growth.
International trade by the world’s biggest economies has fallen for the first time in two years, as the US dollar strengthens and protectionism increases, according to the Organisation for Economic Cooperation and Development (OECD). It said that after eight straight quarters of expansion, exports by the G20 countries fell 0.6% in Q2 2018, and imports fell 0.9%. The OECD said that depreciation against the dollar had been partly to blame, but that the Trump administration’s tariffs were the greatest risk to economic growth.