G20's merchandise exports fall 3.1% in Q2 2023

Exports and imports contracted by 5.7 per cent and 2.0 per cent in the US, while Canadian exports fell by 3.7 per cent and imports remained flat. In the European Union (EU), merchandise exports decreased in Germany and Italy, but grew at a solid, though slowing, pace in France. EU imports contracted by 1.2 per cent, again mainly due to lower energy prices, the Organisation for Economic Co-operation and Development (OECD) said in a press release.

Exports increased by 2.1 per cent in the UK. Merchandise trade contracted sharply in East Asia. Exports dropped by 5.7 per cent in China. Imports fell markedly in Japan, down by 8.1 per cent, and South Korea, down by 7.9 per cent, due to reduced energy import expenses. Falling commodity prices pushed down exports in Australia and Indonesia.

ALCHEMPro News Desk (NB)