International trade and balance of payments statistics

International trade statistics: trends in third quarter 2017

 

G20 merchandise trade growth accelerates to highest pace in six years

 

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29/11/2017 - G20 international merchandise trade growth, seasonally adjusted and expressed in current US dollars, accelerated strongly in the third quarter of 2017, with both imports and exports rising by 4.3%, the highest rate of growth since the first half of 2011. 

Although G20 total international trade levels remain approximately 5% below the recent highs of 2014, exports and imports are both significantly up on their Q1 2016 lows (by 14.5% and 17.1% respectively).   

In the European Union exports (up 7.4%) and imports (up 7.3%) grew at their fastest rates since Q4 2010. France, Germany and Italy all recorded export growth above 7% while the United Kingdom also posted strong export growth at 5.5%. Imports grew strongly in France (8.8%), Germany (6.8%), Italy (7.1%) and the United Kingdom (5.2%). 

In India and Indonesia exports grew strongly (above 10%) in Q3 2017. Export growth also picked up in Korea (to 6.6% - the fastest rate since Q1 2011) and Japan (to 3.2%), while in China, the G20's largest exporter, exports contracted slightly (by minus 0.1%). Imports were up strongly in Indonesia (12.9%) and more moderately in Korea (3.0%), China (2.6%) and Japan (0.5%) but contracted in India by minus 4.0%. 

Export growth also picked up, albeit more moderately, in Mexico (to 1.4%) and the United States (to 1.2%) but fell (by minus 3.5%) in Canada for the first time in six quarters. Import growth also accelerated in Mexico (to 3.4%) but slowed in Canada (to 2.1%) and contracted in the United States (by minus 0.2%).  

All G20 economies, except Argentina, Indonesia, Korea and Russia, saw their currencies appreciate against the US dollar in Q3 2017.

 

‌‌‌G20 total international merchandise trade, Seasonally adjusted, current prices and US$ billion

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