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December 1, 2017
Growth in merchandise trade within the G20 accelerated in the third quarter
According to the Organisation for Economic Co-operation and Development (OECD) the G20 economies' international merchandise trade growth accelerated strongly in the third quarter of 2017, with both imports and exports rising by 4.3%.
The OECD data for the third quarter shows that, in the European Union, exports (+7.4%) and imports (+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%).
According to the OECD, all G20 economies, except Argentina, Indonesia, Korea and Russia, saw their currencies appreciate against the US dollar in Q3 2017.
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