The Organisation for Economic Co-operation and Development (OECD) reports that G20 merchandise export growth flattened in Q2 2024, as measured in current US dollars, following a rise in the previous quarter.
This slowdown was largely driven by a decrease in exports from the European Union. G20 merchandise imports grew by 1.2% after seven consecutive quarters of negative growth, mainly driven by strong imports in the United States and the United Kingdom.
Merchandise export growth stagnated for the United States in Q2 2024, partly due to decreases in exports of industrial supplies and materials.
Canadian exports fell, primarily in the motor vehicles and mineral sectors. However, North American imports increased, especially in capital goods like electrical equipment.
European Union exports decreased by 0.9%, reflecting mostly developments in Germany, which saw reduced sales of chemicals and other manufactured goods. The European Union recorded positive import growth (0.2%) for the first time since Q2 2022.
The United Kingdom saw exports decrease by 2.0% and imports surge by 8.3%, driven by machinery and transport equipment.
In East Asia, merchandise exports grew robustly in China and Korea, driven by strong sales of automobiles, semiconductors, and high-tech equipment. Conversely, exports declined by 2.1% for Japan, partly due to the closure of a major automobile plant and a weak yen. After negative import growth in Q1 2024, imports in China, Korea, and Japan rebounded in the second quarter.
Source: OECD