Merchandise exports in G20 remain stable in Q2 2024

(MENAFN) According to the Organization for Economic Cooperation and Development (OECD) on Friday, G20 merchandise exports remained stable in the second quarter of 2024 compared to the previous quarter. This stability was largely attributed to a decline in exports from the European Union, which counterbalanced growth seen in other regions. Despite this steady performance in exports, G20 merchandise imports showed a positive shift, marking a return to growth after seven quarters of decline. Imports increased by 1.2 percent from the previous period, driven notably by strong import growth in the United States and the United Kingdom.

In the United States, merchandise exports experienced no growth in the three months leading up to June. This stagnation was influenced by reductions in shipments of industrial supplies and materials. Canada also saw a decrease in exports, with a 1.1 percent drop primarily due to lower exports in the motor vehicles and mineral sectors. Meanwhile, exports from the European Union declined by 0.9 percent on a quarter-on-quarter basis in the April-June period. This decline was particularly evident in Germany, where sales of chemicals and manufactured goods diminished. Despite the decrease in exports, the EU experienced a modest increase in imports, up by 0.2 percent from the previous quarter, marking the first rise in two years.

In the United Kingdom, exports fell by 2 percent, but this was offset by a significant 8.3 percent surge in imports, particularly driven by increased purchases of machinery and transport equipment. In Asia, there were notable variations in export performance: China and South Korea saw increases of 2 percent and 2.7 percent respectively, bolstered by strong sales of automobiles, semiconductors, and high-tech equipment. Conversely, Japan faced a 2.1 percent decrease in exports, impacted by the closure of a major automobile manufacturing plant and a weakening yen.

Additionally, G20 exports and imports of services in the second quarter of 2024 saw increases of 1.9 percent and 1.1 percent, respectively. While these figures reflect growth, they also represent a deceleration compared to the first quarter, where services exports and imports had risen by 3.4 percent and 3.7 percent, respectively. This slowdown suggests a more cautious economic environment for service sectors within the G20.

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