Trade volumes are slowing down

Exports and imports by sea display different patterns. Total exports remain above pre-crisis levels (USA 8%; EU 23%) although exports to Asia show signs of slowing down. Total imports have stagnated below pre-crisis levels.

EU exports fell to 6% below the pre-crisis peak, while imports fell below the pre-crisis level for the first time since the recovery in Q1/10. This reflects the on-going economic hardship faced by many European economies and overall weakening conditions globally.

China continues to show resilience with external trade by sea and air (measured in values) reaching 38% and 34% above the pre-crisis peak, although growth levelled off over the last year. Overall external trade for both modes showed spectacular recovery through August 2011, with import growth outpacing export growth considerably. This reflects rising domestic consumption and the gloomy global economic situation reducing external demand for Chinese goods.