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March 1, 2018
Merchandise trade within the G20 accelerated in the fourth quarter of 2017
According to the Organisation for Economic Co-operation and Development (OECD) the G20 economies' international merchandise trade growth was up for the seventh consecutive quarter, with exports up 2.7% and imports up 3.0% in the fourth quarter of 2017.
The OECD data for the third quarter shows that exports and imports grew in all G20 European economies: France (by 3.3% and 1.4% respectively), Germany (2.2% and 2.3%), Italy (3.2% and 3.2%) and the United Kingdom (2.0% and 2.8%). In the European Union as a whole, exports rose by 2.9% and imports by 2.4%.
Exports and imports were also up in all NAFTA countries: Canada (by 3.1% and 1.6% respectively), Mexico (4.3% and 3.5%) and the United States (3.6% and 5.7%). Among other G20 economies strong growth was seen in Argentina (6.6% and 7.8% for exports and imports respectively), Russia (12.1% and 4.6%), South Africa (5.3% and 4.2%), and to a lesser extent in China (4.4% and 2.6%).
Fourth quarter international merchandise trade contracted in Australia (by minus 5.8% and minus 14.0% for exports and imports respectively) and in Korea (by minus 8.9% and minus 1.3%).
Over 2017 as a whole, the OECD reports that G20 exports and imports grew by 10.0% and 11.5% respectively compared to 2016. Australia (20.5%) and Russia (25.4%) recorded the highest export growth in 2017, with India (23.2%) and Russia (24.5%) recording the highest import growth. Argentina (1.0%) and China (6.3%) recorded the lowest export growth with the United Kingdom (4.7%) and the United States (7.1%) recording the lowest import growth.
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