G20 merchandise trade, measured in current US dollars, delivered mixed results in Q2 2025, compared with Q1 2025. While exports grew by 2.6%, imports remained broadly unchanged. This was largely due to the sharp contraction in imports into the United States following the earlier surge in imports in Q1 2025. Preliminary estimates indicate sizeable growth in G20 trade in services,1 with exports and imports rising by 4.7% and 2.9%, respectively, in Q2 2025 (Figure 1 and 2). Trade outcomes in Q2 2025 were influenced by the depreciation of the US dollar against most currencies and rising trade uncertainty, following new tariff announcements.
In the United States, merchandise exports increased by 2.7%, supported by higher sales of finished metal shapes and non-monetary gold. However, imports to the US fell sharply, by 18.4%, reflecting a decline in purchases of industrial supplies. This follows the 18.9% increase in imports experienced in Q1 2025. Weaker oil prices weighed on exports from Canada, which contracted by 9.7%, while imports were broadly unchanged. By contrast, merchandise trade recorded solid growth across most of Asia and Europe. China’s exports and imports rose by 2.5% and 4.7%, respectively, boosted by semiconductors and high-tech products. Similarly, Korea’s exports expanded by 7.1%, driven by semiconductors and high-bandwidth memory chips. In the European Union, exports and imports grew by 4.7% and 6.3%, respectively, with exports increasing by 7.4% in Germany, 6.0% in France, and 5.9% in Italy. The United Kingdom recorded a 1.3% rise in exports, while imports surged by 8.5% due to stronger purchases of pharmaceuticals and automobiles. Conversely, exports decreased in Argentina and Brazil (minus 3.6% for both). Australia’s exports increased by 1.8%, mainly in metallic ores and scrap metals, while imports surged by 9.3%.
In the United States, services exports grew by 0.8%, while import growth remained flat. In Canada, exports rose by 2.9%, primarily driven by higher revenues from other business services, while imports increased by 4.7%. Similarly to merchandise, trade in services expanded strongly in Europe. Germany’s exports and imports surged by 9.8% and 10.6%, respectively, following a sharp rise in both travel receipts and travel expenditure along with growing revenues from ICT and other business services. Services trade also expanded in Italy (up by 10.2% for exports and 9.8% for imports) and in France (up by 2.6% for exports and 3.5% for imports), both recording large increases in travel. The United Kingdom recorded a 9.1% rise in exports, due to higher revenues from other business and financial services, while imports expanded by 5.8%. In East Asia, services exports rose significantly. Japan’s exports rose by 4.4%, supported by higher revenues from ICT, financial and other business services. Partly driven by soaring travel receipts, services exports increased by 3.0% in Korea and 6.3% in China. In Brazil, exports increased by 2.8%, while imports declined by 4.3%, mainly reflecting lower expenditures on freight transport and insurance services.
Figure 1 – G20 international trade (quarter-on-quarter changes)
Percentage change on the previous quarter, current US dollars, seasonally adjusted
Figure 2 – G20 international trade (quarterly levels)
Current prices in billion US dollars, seasonally adjusted
Figure 3 – Main contributors to quarter-on-quarter G20 growth, 2025 Q2
Percentage points based on current US dollars, seasonally adjusted
Methodology
Release dates
- Next release: 21 November 2025
- All release dates
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