G20 international merchandise trade increased in the first quarter of 2017, for the fourth consecutive quarter and at the fastest rate since the second quarter of 2011. Export growth rose by 3.0%, compared with 1.5% in the fourth quarter of 2016, while imports increased by 4.0%, up on the preceding quarter’s 1.2% growth level, according to figures published by the OECD on Monday 29 May.
In all, G20 merchandise trade has almost regained its pre-crisis level, but remains around 10% lower than the highs reached in 2011-2014, the OECD says.
With the exception of France, where exports contracted by 2.4%, all G20 economies saw export growth in the first quarter of 2017.
Among the OECD G20 economies, Australia recorded the highest growth (7.2%), ahead of South Korea (5.7%), United Kingdom (3.3%), Canada (2.9%), United States (2.7%) and Japan (2.5%). Export growth was more subdued in the G20 euro area economies, with Germany (1.3%) recording the highest growth. It was particularly strong in the emerging countries (BRIICS economies) ranging from 3.5% in Indonesia to over 10% in Brazil and Russia.
Imports grew in all G20 economies in the first quarter of 2017. China recorded the highest growth in the G20 (9.6%), which worked to reduce China’s trade surplus (US$94.2 billion) to its lowest level since the second quarter of 2014. Strong import growth was also observed in Argentina (5.0%), Brazil (9.1%) and India (6.5%).
Among OECD G20 economies, import growth was highest in South Korea (8.2%) and lowest in Turkey (1.8%).
The G20 (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and EU) summit will take place in Hamburg on 7 and 8 July. (Original version in French by Emmanuel Hagry)