World trade 'continues to fall'

Trade volumes are falling as the economic crisis takes it toll

Trade in developed countries continued to fall in the first three months of this year but the rate of decline moderated, the OECD has said.

The Organisation for Economic Co-operation and Development said that the value of exports of goods and services in its 30 member countries fell 13.4%.

But this was less than the 18.5% fall in the final quarter of 2008 when the financial crisis hit trade flows.

Imports fell 15.2%, less than the 18.4% decline in the fourth quarter of 2008.

The volume of trade also fell, the OECD said.

Exports from G7 member countries fell 13.6% in the first quarter of the year compared with 9.9% in the final three months of 2008. Imports fell by 10.5%, it added.

The economic crisis has raised fears that countries could become more protectionist - seeking to protect domestic industries from overseas competition.