G20 merchandise exports see increase of 0.4 percent in Q3
Date
11/26/2024 8:24:15 AM
(MENAFN) According to newly released figures from the Organization for Economic Cooperation and Development (OECD), G20 merchandise exports saw a modest increase of 0.4 percent in the third quarter of 2024 compared to the previous quarter. This uptick marks a recovery from the stagnation experienced in the second quarter of the year, as the global merchandise trade showed signs of stabilization. In contrast, goods import within the G20 grew by 1.5 percent in the July-September period, slightly higher than the 1.3 percent increase recorded in the second quarter, indicating steady demand for imported goods across major economies.
Breaking down the regional performance, the United States saw a notable 2.5 percent increase in merchandise exports, driven by strong demand for capital goods, particularly semiconductors. Canada also experienced a rise in exports, with a 0.9 percent increase, supported by higher sales of mineral products and consumer goods. The European Union posted a 1.8 percent growth in merchandise exports, with Germany's pharmaceutical products and Italy's apparel and food articles contributing significantly to the positive performance.
In Asia, Japan stood out with a robust 4.9 percent surge in exports, propelled by strong demand for electrical and metalworking machinery, as well as scientific instruments. However, China experienced a 3.4 percent decline in exports, mainly due to a drop in demand for furniture and plastics, reflecting some of the challenges facing the Chinese export sector. Despite this, overall, the G20 showed positive trends in merchandise trade, with some countries benefiting from specific sectoral strengths.
In the services trade, the G20 saw notable growth in exports, which rose by 2.8 percent in the third quarter, while imports of services grew by 1.4 percent. These figures suggest a continued recovery in global services trade, reflecting resilience in sectors such as travel, finance, and digital services.
MENAFN26112024000045015839ID1108927762
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.