-and by geography
North America accounts for between a quarter and a third of US goods trade, and predictably, US exports and imports have fallen most in these markets-by about 10% over the period from the second quarter in 2008 to the same period in 2009. However, German trade with its neighbours in Europe accounts for about 70% of its total trade, and so imports slumped by some 23% and exports by 28% to those markets. Asian markets account for about half of Japan's trade, but imports and exports with these partners fell by 11% and 14% respectively. A look at the rest of the world reveals different levels of trade exposure too. US trade with Asia and Europe fell by 6-8%. Japanese imports from the rest of the world fell by 17%. Moreover, Japan suffered fairly sharp declines in trade with North America (down 4% for imports and nearly 8% for exports), whereas Germany saw a decline of just 3% in exports to the US, and less than 2% in imports. As for the US, its imports from Asia fell by 8% and exports by 6%, while its imports from other countries around the world fell by nearly 10%.
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©OECD Observer No 274, October 2009