Merchandise trade within the G20 sees first modest growth since early 2014

According to the Organisation for Economic Co-operation and Development (OECD) the G20 total international merchandise trade grew modestly in the second quarter of 2016, the first increase since early 2014, although it still remains significantly below post-crisis highs.

The OECD data for the second quarter shows exports rose by 1.5% and imports by 2.0%, following seven and eight consecutive quarterly falls, respectively, mirroring the rise in oil prices (to almost $50 a barrel in June 2016, compared with around $35 a barrel in December 2015).

Exports in Q2 2016 grew in almost all G20 economies except Argentina, Canada and China. India, South Africa and Turkey on the other hand, all recorded export growth of more than 5.0% in Q2 2016, although like in all other G20 economies, export levels remain around 15% below post-crisis highs.

All G20 economies recorded growth in imports in the second quarter, except Argentina, France, India, Indonesia, Mexico, with marginal falls, and Russia, where imports fell by 5.0% in Q2 2016. China recorded 6.6% growth in imports in Q2 2016 but levels remain around 20% below recent highs.

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