G20 merchandise exports see 1.9 percent increase in Q1 2024
Date
5/28/2024 9:03:34 AM
(MENAFN) According to the Organization for Economic Cooperation and Development (OECD), merchandise exports among G20 countries experienced a 1.9 percent rise in the first quarter of 2024 compared to the previous quarter. This rebound follows a slight decline of 0.1 percent recorded in the last quarter of 2023 and is attributed to robust export growth in China.
In contrast, goods imports among G20 nations saw a 0.2 percent decrease quarter-on-quarter during January-March 2024, following a contraction of 0.1 percent in October-December 2023.
The United States witnessed a 1.4 percent increase in merchandise exports during the three-month period ending in March, fueled by higher sales of consumer goods and agricultural products. Conversely, Canada experienced a 0.6 percent decline in exports.
In the European Union (EU), merchandise exports grew by 0.9 percent, driven by stronger sales of chemical products in countries like France and Germany. However, imports decreased, albeit less sharply compared to the previous quarter, primarily due to reduced energy purchases.
Meanwhile, both exports and imports in the United Kingdom declined, particularly in the machinery and transport equipment sectors.
In East Asia, merchandise exports surged, with China witnessing a 6.6 percent increase fueled by steel and machinery exports, while South Korea experienced growth driven by semiconductors and computers. However, weak automobile sales weighed on export growth in Japan, which saw a decline of 2.1 percent.
Additionally, G20 services exports and imports saw increases of 2.2 percent and 3.5 percent, respectively, in the first quarter of 2024, partly due to rising international travel activity.
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