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International trade statistics: trends in second quarter 2018

 

G20 international merchandise trade contracts in second quarter of 2018

 

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29/08/2018 - G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, contracted in the second quarter of 2018 following eight consecutive quarters of growth. G20 exports declined by 0.6% and imports by 0.9%. 

In the second quarter of 2018, exports grew in Saudi Arabia (9.7%), India (5.7%), the United States (4.4%), Canada (4.4%), Russia (1.2%) and Australia (1.2%), but contracted strongly in Argentina (minus 19.9%), Brazil (minus 9.0%) and the United Kingdom (minus 6.9%), with falls also recorded in China (minus 2.8%) and the European Union (minus 1.9%). 

Imports contracted in most G20 economies, most significantly in Turkey (minus 9.4%) and Brazil (minus 6.5%). Imports only increased in India (2.9%), Canada (1.4%), Mexico (1.4%), Japan (1.2%) and Indonesia (1.2%). 

The widespread contraction in international merchandise trade can be partly explained by the significant depreciation of a number of currencies against the US dollar in the second quarter of 2018, notably the Argentine peso (down 18%), the Turkish lira (down 15%), and the Brazilian real (down 11%). These effects were partially offset by rising oil prices: benchmark Dubai Crude increased to 71.6 USD per barrel in the second quarter compared to 64.0 USD in the previous quarter. 

G20 international merchandise trade contracts in second quarter of 2018‌‌‌

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