5 March 2024
Canadian Custom Brokerage

G20 merchandise trade was stable in the fourth quarter of 2023

According to the Organisation for Economic Co-operation and Development (OECD) G20 merchandise trade growth flattened in value terms in Q4 2023, after several quarters of decline.

The OECD notes there was little change in exports and imports compared to Q3 2023, as a robust recovery in East Asia was counterbalanced by a slowdown in Europe and North America.

Export growth stagnated in the United States, with lower sales of automobiles being offset by higher sales of industrial supplies.

In the European Union, exports were down by 0.6% driven by a decline in chemical products, while imports were down by 1.8%.

Conversely, merchandise trade growth was strong in East Asia. China recorded a 0.6% increase in exports, in part driven by high tech products such as mobile phones, and a 3.9% increase in imports due to mechanical and electrical products.

Exports increased in Japan and surged in Korea due to strong automobile sales and a recovery of the Korean semiconductor business. Higher sales of primary commodities fuelled export growth in Australia, Indonesia, and Brazil.

Source: OECD

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