Merchandise trade of G20 nations expands in Q3 2024

While G20 exports grew by 0.4 per cent quarter on quarter (QoQ) in Q3 2024, imports increased by 1.5 per cent, largely driven by trade growth in North America and Europe.

Merchandise trade in the United States grew significantly for both exports (2.5 per cent QoQ) and imports (3.1 per cent QoQ), fuelled by strong trade in capital goods.

Canada’s exports rose by 0.9 per cent QoQ in the quarter, driven by higher sales of mineral products and consumer goods.

The European Union saw merchandise exports expand by 1.8 per cent QoQ in Q3 2024 after several quarters of weak growth, with key contributions from Germany and Italy (apparel and food articles).

Germany’s imports surged by 3.3 per cent QoQ, led by demand for electrical machinery, apparel and organic chemicals.

In Asia, Japan experienced export growth of 4.9 per cent QoQ in the quarter, while imports increased by 3.4 per cent, driven partly by apparel and telecommunications equipment.

South Korea recorded modest export growth of 0.1 per cent QoQ, while imports rose by 1.9 per cent QoQ, primarily due to energy products, an OECD release said.

China faced a contraction, with exports declining by 3.4 per cent QoQ in the quarter, largely due to weaker demand for furniture and plastics, while imports fell by 2 per cent QoQ, mainly due to reduced purchases of crude petroleum.

Indonesia’s merchandise exports increased by 3.5 per cent QoQ in the quarter, while imports surged by 11.8 per cent QoQ.

Australia’s exports rose by 0.7 per cent QoQ in Q3 2024, while imports fell by 0.5 per cent QoQ.

Fibre2Fashion News Desk (DS)