G20 int'l merchandise trade hits record high in Q3

By Gokhan Ergocun

ISTANBUL (AA) – International merchandise trade for G20 countries plateaued at a record high in the third quarter of 2021 after sustained growth over the past four consecutive quarters, the Organization for Economic Co-Operation and Development (OECD) said on Tuesday.

“G20 merchandise exports and imports increased by 0.9% and 0.4% in Q3 2021 compared with the previous quarter, as measured in seasonally-adjusted current US dollars,” read an OECD statement.

In the year’s third quarter, exports of G20 countries totaled $4.26 trillion and imports amounted to $4.27 trillion, the data showed.

This represents a “marked slowdown” from the January-March period of 2021, when increasing commodity prices boosted the value of traded goods, the OECD said.

Strong demand for electronics and energy prices played an important role in Q3 figures, while semiconductor supply issues impacted trade of vehicles and parts, it added.

“Growth in services exports and imports for the G20 is estimated at around 5.1% and 5.8% in Q3 2021, respectively, compared to the previous quarter,” the statement said.