G20 merchandise exports rise 1.9% in 1st quarter

By Tuba Ongun

G20 merchandise exports increased by 1.9% in the first quarter of 2024, compared to the previous quarter, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.

Thanks to China's strong export growth, the figure rebounded from a 0.1% decline in the last quarter of 2023, the Paris-based organization said.

Its goods imports, on the other hand, dropped 0.2% quarter-on-quarter in January-March 2024, after a 0.1% contraction in October-December 2023.

Merchandise exports rose by 1.4% in the US in three months to March, driven by higher sales of consumer goods and agricultural products, while exports decreased by 0.6% in Canada.

Exports grew by 0.9% in the EU, mainly due to stronger sales of chemical products in France and Germany, while imports declined, albeit less strongly than the previous quarter, due to reduced energy purchases.

In the UK, both exports and imports declined due to lower trade in machinery and transport equipment.

Merchandise exports surged in East Asia, with steel and machinery fueling export growth in China (up 6.6%) and semiconductors and computers driving South Korean exports.

On the contrary, weak automobile sales weighed on export growth in Japan (down 2.1%).

G20 services exports and imports went up 2.2% and 3.5% in the first quarter of this year, respectively, partly reflecting rising international travel.