G20 countries' goods trade posts modest growth in 2nd quarter
Total exports up 2.6%, while imports remain broadly unchanged in Q2 quarter-on-quarter, due to sharp contraction in imports into US following earlier rise in imports in Q1
ISTANBUL
The Organization for Economic Cooperation and Development (OECD) reported Tuesday that G20 international goods trade saw a slight increase in the second quarter of 2025 due to the sharp contraction in imports into the US, following the earlier rise in imports in the first quarter.
The total exports rose 2.6% in the second quarter compared to the previous quarter, while imports were broadly unchanged.
"This was largely due to the sharp contraction in imports into the United States following the earlier surge in imports in Q1 2025," an OECD statement said.
"Trade outcomes in Q2 2025 were influenced by the depreciation of the US dollar against most currencies and rising trade uncertainty, following new tariff announcements," it said.
In the US, exports rose 2.7% in the second quarter, supported by higher sales of finished metal shapes and non-monetary gold. On the other hand, imports to the US fell 18.4%, reflecting a decline in purchases of industrial supplies.
Lower oil prices weighed on exports from Canada, which contracted by 9.7%, while imports were broadly unchanged.
On the other hand, the goods trade in the majority of Asia and Europe grew steadily. With the help of semiconductors and other high-tech goods, China's imports and exports climbed 4.7% and 2.5%, respectively. Similarly, high-bandwidth memory chips and semiconductors drove a 7.1% increase in South Korea's exports.
In Europe, exports increased by 7.4% in Germany, 6.0% in France, and 5.9% in Italy, while overall imports increased by 6.3% and exports by 4.7% in the EU, respectively.
Due to higher purchases of cars and medications, the UK's imports increased 8.5% while its exports increased 1.3%.
However, Brazil's and Argentina's exports fell (by 3.6% both), while imports rose 9.3%. Australia's exports rose 1.8%, mostly in the form of scrap metal and metallic ores.
Meanwhile, the services trade across the G20 saw a strong growth in the second quarter, with exports and imports rising by 4.7% and 2.9%, respectively.
G20 consists of the world's largest economies, including the US, China, Germany, Japan, India, the UK, France, Italy, Australia, Indonesia, Russia, Türkiye, Brazil, Canada, Mexico, South Africa, South Korea, Saudi Arabia, and Argentina.
It also includes two intergovernmental organizations, the EU and the African Union.
