IMPORTS into Canada, France, Germany, Italy, Japan, UK and the US - the G7 - and Brazil, Russia, India, China and South Africa - the BRICS - fell one per cent in the third quarter, down from 4.2 per cent second quarter growth, according to OECD figures.
Export growth was down one per cent against 4.6 per cent the previous quarter, according to the Organisation of Economic Cooperation an Development (OECD), a grouping of the world's more affluent countries.
Merchandise trade declined in all major European economies, with exports and import volumes sliding in Germany, France, the UK and Italy. In the US, imports fell 2.7 per cent and the rate of export growth dropped to 2.5 per cent against 3.6 per cent in the preceding quarter.
Knock-on effects were felt in China, where export growth decreased to 3.2 per cent, down from 10.1 per cent the quarter before, but growth increased 2.8 per cent from 0.9 per cent in the second quarter.
Japanese merchandise trade rebounded with exports up in Canada while imports growth declined, reported London's Containerisation International. Merchandise trade growth remained flat in Brazil, India, Russia and South Africa.
Analysts cited said the situation had the "makings of recession are well under way in the container market. But reduced growth should not be confused with reduced cargo, the report added.