The Organisation for Economic Co-operation and Development (OECD) reports that G20 merchandise trade showed mixed developments in the fourth quarter of 2025 as measured in current US dollars, with exports increasing by 0.9% and imports declining by 0.5% compared with Q3 2025.
Merchandise trade developments varied across G20 economies in Q4 2025. In North America, exports increased in both the United States (3.1%) and Canada (2.5%), largely driven by shipments of non-monetary gold and other precious metals, while imports declined slightly in both countries. Mexico recorded strong growth in exports (6.1%) and imports (5.4%), mainly reflecting trade in mechanical appliances and electrical machinery.
Elsewhere in the Americas, Argentina’s exports rose by 4.6%, driven mainly by higher sales of petroleum oils and agricultural products, while imports declined by 1.2%. Brazil’s exports increased by 6.5%, supported by sales of coffee and ores, whereas imports fell by 5.6%, partly due to lower purchases of ships and fertilisers.
In the European Union, exports and imports declined by 0.4% and 1.2% respectively. Germany recorded small movements in exports and imports while France’s exports rose by 2.0%, notably in mechanical, electrical and ICT equipment, and its imports fell by 2.3% partly due to lower purchases of pharmaceuticals and energy. In the United Kingdom, exports decreased by 1.3% and imports by 3.0%, reflecting lower imports of oil, transport equipment and pharmaceuticals.
In East Asia, China’s exports were up 0.7% while imports were down 1.7%. Japan recorded stable exports (0.3%) and a decline in imports (-2.5%). Korea’s exports rose by 1.2%, driven by semiconductors, while imports declined mainly due to lower energy prices.
For 2025 as a whole, G20 trade in goods increased, with exports rising by 5.3% and imports by 1.2% and estimates suggest that G20 services trade continued to expand in 2025, with both exports and imports increasing by 8.2%.
Source: OECD