G20 merchandise exports rebound in Q1 2024

29 May '24

1 min read

G20 merchandise exports rebound in Q1 2024

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G20 merchandise exports rebounded by 1.9 per cent in the first quarter of 2024 after a decline in 2023, driven by significant growth in China, while imports contracted by 0.2 per cent due to decreasing energy prices, according to OECD data.
The US saw a 1.4 per cent rise in exports, Canada a 0.6 per cent decline, and the EU a 0.9 per cent increase.

The Group of Twenty (G20) merchandise exports rebounded in the first quarter (Q1) of 2024 after a decline in 2023, according to the international trade statistics released by the Organization for Economic Cooperation and Development (OECD). Compared to the fourth quarter (Q4) of 2023, exports increased by 1.9 per cent, driven by significant export growth in China. Conversely, imports contracted by 0.2 per cent, largely due to decreasing energy prices.

Preliminary estimates indicate that G20 exports and imports grew by 2.2 per cent and 3.5 per cent, respectively, in Q1 2024, partially reflecting an increase in international travel, as per OECD.

In the US, merchandise exports rose by 1.4 per cent in Q1 2024, buoyed by higher sales of consumer goods. In contrast, Canada experienced a 0.6 per cent decline in exports. The European Union saw a modest export increase of 0.9 per cent, while imports declined, though the decrease was less pronounced than in the previous quarter.

The UK faced a contraction in both exports and imports, attributed to lower trade in machinery and transport equipment. However, merchandise exports in East Asia showed strong growth during the same period.

Fibre2Fashion News Desk (DP)

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