A leading global economic organization is warning that a slow-down in international trade could be a harbinger of renewed recession for the world's leading economies.

The Paris-based Organization for Economic Cooperation and Development says trade figures are "deeply concerning" because the stagnating or declining rates of trade this year "have, in the past, been associated with global recession."

The OECD made the warning in an update to its world economic outlook Monday.

The OECD says in contrast to two years ago, when sluggish trade was blamed on advanced economies, now the fault centers on emerging markets such as China. As China transitions from massive infrastructure investment and manufacturing toward consumption and services, commodity prices have fallen, hurting exporters such as Australia, Brazil, Canada and Russia.