The Organization for Economic Development and Cooperation reports that trade flows continued to plunge in the first quarter of 2009.

The OECD said that G7 exports fell 13.6% quarter over quarter, and imports were down 10.5%. Year-over-year exports dropped by 22.8% and imports fell 16.8% in the first quarter. In the United States, exports fell 11.5% and imports were down 11.8% quarter over quarter.

But it’s Japan that has been particularly affected by the current crisis, recording a 26.7% slump in exports, quarter-over-quarter, and a 12.9% drop in imports. Year-over-year, Japan’s export volumes plunged by 42.1% and imports fell 18.7%.

Since July 2008, G7 total merchandise trade values continued to decline, but at a slower pace since February, the OECD said. It noted that the U.S. rates of decline has been showing signs of deceleration since January.

Similarly, it said that Canada’s merchandise trade steeply declined from mid-2008 until January, but that the downward trend has eased since January with a, formerly positive, trade balance oscillating around zero.

IE