G20 merchandise trade sees modest growth in Q2 2025: OECD

Preliminary estimates indicate robust growth in G20 services trade, with exports up 4.7 per cent and imports rising 2.9 per cent. Trade outcomes were influenced by a depreciating US dollar and rising uncertainty due to newly announced tariffs.

In the US, merchandise exports rose 2.7 per cent, driven by sales of finished metal shapes and non-monetary gold. However, imports fell sharply by 18.4 per cent, following an 18.9 per cent rise in Q1, as purchases of industrial supplies declined. In contrast, Canada's exports contracted 9.7 per cent due to weaker oil prices, while imports stayed flat.

Across Asia and Europe, merchandise trade showed solid growth. China’s exports and imports rose by 2.5 per cent and 4.7 per cent, respectively, fuelled by semiconductors and high-tech goods. Korea’s exports surged 7.1 per cent, led by semiconductors and high-bandwidth memory chips.

In the EU, exports and imports increased by 4.7 per cent and 6.3 per cent. Germany, France, and Italy saw strong export growth (7.4 per cent, 6.0 per cent, and 5.9 per cent, respectively). The UK recorded a 1.3 per cent export rise, while imports jumped 8.5 per cent due to higher pharmaceutical and automobile purchases. Argentina and Brazil both saw export declines of 3.6 per cent. Australia’s exports grew 1.8 per cent, while imports rose sharply by 9.3 per cent.

ALCHEMPro News Desk (RR)