G20: trade picks up in the second quarter, with imports up 6.7 per cent and exports up 5.9 per cent

(Il Sole 24 Ore Radiocor) - G G20 trade picked up pace in the second quarter of 2026. According to an OECD press release, quarterly growth in imports, measured in current US dollars, rose significantly to 6.7 per cent, compared with 5.2 per cent in the previous quarter, reflecting strong increases across several G20 economies. G20 merchandise export growth rose to 5.9 per cent from 5.7 per cent. Preliminary estimates also point to an acceleration in trade in services, with exports rising by 3.4 per cent and imports by 2.5 per cent, compared with 2 per cent and 1.5 per cent respectively in the first quarter of 2026. In North America, growth in US goods imports rose to 7.8 per cent in the second quarter of 2026, up from 6 per cent in the previous quarter, partly due to higher purchases of computers and IT accessories, whilst export growth slowed significantly to 3.9 per cent (from 9.2 per cent), despite rising energy prices having boosted exports of crude oil and petroleum products. By contrast, Canada’s exports surged by 13.5 per cent (up from 2.7 per cent), driven by energy products and motor vehicles, whilst import growth slowed (to 3 per cent from 6.5 per cent). In Mexico, both exports and imports accelerated sharply, recording 12.2 per cent (up from +4.4 per cent) and 7.7 per cent (up from +4.7 per cent) respectively. In East Asia, Chinese trade slowed significantly compared with the strong growth recorded in the first quarter of 2026 for both exports and imports, which grew by 4.7 per cent (to 13.45) and 8.9 per cent (from 16.9 per cent) respectively, both driven by mechanical and electrical products and high-tech goods. Japanese trade also slowed, despite the rise in oil imports, with exports up 0.4 per cent and imports up 3.9 per cent. In contrast, South Korean imports rose by 11.6 per cent (from 7.2 per cent), reflecting higher purchases of energy products and semiconductor equipment, whilst export growth remained robust at 19.3 per cent (from 23.2 per cent), thanks to semiconductor sales. In Europe, increased purchases of energy products drove import growth to 4.2 per cent, 4.2 per cent and 4.1 per cent in Germany, France and Italia respectively, whilst exports grew by 2.1 per cent, 1.8 per cent and 1.8 per cent. In the United Kingdom, increased trade in machinery and transport equipment, as well as in fuels, accounted for the recovery in exports to 6.6 per cent and imports to 5.7 per cent.

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