Japan takes a big hit on trade.

The volume of merchandize trade among the "Group of Seven" countries experienced double-digit declines during the first quarter of this year, according to the OECD. Exports for the seven major countries fell by 14 percent and imports were down by 13 percent during the first quarter of 2009 compared to the last quarter of 2008. As compared to the first quarter in 2008, exports were down by 23 percent and imports fell by 17 percent.

"Japan seems to be particularly affected by the current crisis with a 27 percent slump in quarter-to-quarter exports and a drop in imports of 13 percent in the first quarter 2009," says the OECD. "Year-on-year export volumes plunged by a striking 42 percent and imports fell by 18.7 percent." For the United States, exports fell 11.5 percent and imports were down 12 percent during the first quarter of 2009, as compared to the fourth quarter 2008. Compared with the previous 12 months, exports were off by 16 percent and imports were down 19 percent.

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