The Organisation for Economic Co-operation and Development (OECD) reports that G20 merchandise trade declined in the fourth quarter of 2024 with exports and imports falling by 0.6% and 1.0%, respectively, compared with the third quarter of 2024.
In 2024, total G20 merchandise exports increased by 0.7% and imports decreased by 0.2%, compared with 2023.
In the United States, merchandise exports declined by 2.2% in Q4 2024, primarily due to reduced shipments of capital goods, including computers and aircraft. Meanwhile, imports rose by 0.7%, driven by increased purchases of industrial supplies, metals, and gold.
In Canada, high sales of gold and other precious metals supported export growth (0.9%), while imports declined by 4%, mainly in motor vehicles and various metal products.
Following strong growth in Q3 2024, exports in the European Union contracted by 2.6% in Q4 2024, with lower sales of automobile and parts weighing on exports growth for Germany, France, and Italy. Merchandise imports also fell (by 2.7%), partly reflecting weaker demand for pharmaceuticals and organic chemicals in Germany and reduced energy purchases in France.
While China’s exports increased by 4.3%, supported by high sales of electronics, particularly mobile phones and computers, imports declined by 0.7%, mainly those of agricultural products, such as soybeans, as well as crude petroleum.
India experienced strong growth in both imports and exports, with exports rising by 8.2%, driven by increased sales of electronic goods and ready-made garments.
Source: OECD
