The United States export trade’s fall has the economy contract by 0.7pc on an annual basis spelling a setback for the global economy

Official data from the Bureau of Economic Analysis (BEA) indicate that exports have fallen by 7.6pc in the first quarter of 2015. A growth of 4.5pc was indicated in the last quarter of 2014. However, imports have increased by 5.6pc.

The trade deficit had earned the US a 1.9 percent reduction from its total expected GDP with a 0.6 pc difference.

However, economists are optimistic the fall can be reversed in the second quarter with a 2 pc annualised expansion. They indicate the United States is distorted by “residual seasonality”. But attempts to adjust growth figures for seasonal factors did not decrease the data’s margin for error.

The US is headed for its worst first-half performance since 2011.

According to Markit Chief Economist Chris Williamson:

“Recent analysis suggests the seasonal adjustment mechanism is not fully removing all of the usual weakness seen in the economy at the start of each year, in turn most likely linked to the severity of the recession causing havoc with the statistical analysis of seasonal trends.”