G20 merchandise, services trade show mixed trends in 2024

By Tuba Ongun

ANKARA (AA) – G20 merchandise trade showed contrasting trends in 2024, with exports rising 0.7% while imports edged down 0.2%, according to the latest figures Tuesday by the Organization for Economic Cooperation and Development (OECD).

G20 services trade saw robust growth, with exports and imports expanding 8.5% and 7.4%, respectively, reflecting continued global demand for technology, travel and financial services.

In the fourth quarter, the US saw merchandise exports drop 2.2%, driven by lower shipments of capital goods, including computers and aircraft. Imports, on the other hand, rose 0.7%, with strong demand for industrial supplies, metals and gold.

In Canada, merchandise exports grew 0.9%, supported by high sales of gold and other precious metals, while imports decreased 4%, primarily in motor vehicles and various metal products.

The EU's exports fell 2.6%, weighed down by declines in automobile and parts shipments from Germany, France and Italy. Imports also contracted 2.7%, reflecting reduced energy purchases in France and weaker demand for pharmaceuticals and organic chemicals in Germany.

In Asia, China’s exports increased 4.3%, buoyed by strong sales of electronics, including mobile phones and computers. Imports in China decreased 0.7%, driven by declines in agricultural products, such as soybeans and crude petroleum.

India stood out with robust merchandise trade growth, as exports surged 8.2% on the back of increased sales of electronic goods and ready-made garments.