Paris, 29 August 2019 News Release

G20 International Merchandise Trade Statistics

1

G20 international merchandise trade continues to fall in the second quarter of 2019

G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, continued its downward

trend in the second quarter of 2019, with exports contracting by 1.9% and imports by 0.9%.

Exports contracted by 5.3% in China (to their lowest level since Q4 2017) and by 1.1% in the United States (their

lowest level since Q1 2018). Imports rose marginally in both countries, (by 0.6% in China and 0.3% in the

United States), on the back of a pick-up in US-China bilateral trade, possibly reflecting stockpiling in anticipation

of US tariff measures that became effective on 10 May and Chinese retaliatory measures (implemented on 1 June).

United States exports to, and imports from, China increased by 2.7% and 0.2% respectively in the second quarter of

2019 (but remain significantly below the highs seen in Q3 2018, by 17.4% for exports and 10.7% for imports).

In the European Union, exports and imports contracted by 1.7% and 2.3% respectively. France’s exports fell by 0.3%

and imports by 0.7% while Germany’s exports fell by 3.0% and imports by 1.7%. Italy’s imports fell by 0.6% (the fifth

consecutive quarterly fall), though its exports saw a modest increase of 0.1%. Amid continuing Brexit uncertainty,

the United Kingdom saw significant contractions in both exports (minus 7.1%) and imports (minus 12.6%).

Russia’s exports fell by 7.4%, despite higher crude oil prices. Saudi Arabia’s exports also fell significantly by 3.5%

with imports contracting by 11.5%. In Korea, exports fell by 1.6%, the third straight quarterly decrease, and are now

12.3% below the recent high recorded in Q3 2018.

In Argentina, imports contracted by 6.4%, to levels one-third below recent highs, as the Argentine peso depreciated

by 12.5% against the US dollar (86.7% over the last 4 quarters). Turkey’s imports also fell significantly (by 6.4%),

as the Turkish lira continued to depreciate (by 9.5% against the US dollar in the second quarter of 2019).

Only a few G20 economies saw merchandise trade exports increase in the second quarter of 2019: Australia (by 6.3%),

Canada (6.4%), Mexico (2.4%) and Japan (0.2%).

G20 total international merchandise trade Seasonally adjusted, in current prices and US$ billion

Values Percentage variations

1500

2000

2500

3000

3500

4000

G20 Exports G20 Imports

-10

-8

-6

-4

-2

0

2

4

6

8

G20 Exports G20 Imports

Paris, 29 August 2019 News Release

G20 International Merchandise Trade Statistics

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G20 total international merchandise trade Seasonally adjusted, current prices and US$ billion

Quarters 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

G20 Export 3317.4 3464.2 3579.5 3774.8 3745.0 3742.3 3697.3 3707.1 3635.7

Import 3355.8 3500.3 3626.8 3810.3 3798.5 3813.5 3757.5 3717.0 3683.6

Argentina Export 14.3 14.9 14.9 16.3 14.5 14.6 16.2 15.8 15.6

Import 16.3 17.1 18.2 18.5 17.5 15.9 13.5 13.5 12.6

Australia Export 56.5 58.8 57.3 63.6 64.2 64.0 65.3 66.3 70.5

Import 53.4 63.6 54.2 58.2 58.3 55.0 55.3 55.3 54.0

Brazil Export 54.7 54.2 54.1 60.1 56.9 60.1 62.1 57.7 56.1

Import 36.0 39.3 39.8 42.3 42.1 50.9 45.2 42.4 42.3

Canada Export 105.7 103.3 107.7 110.5 114.9 115.1 110.1 108.3 115.2

Import 107.1 109.5 111.8 114.8 116.9 115.1 113.1 114.7 113.3

China Export 556.4 561.0 591.5 649.7 618.9 625.6 618.6 642.5 608.7

Import 449.5 460.7 492.2 533.6 539.7 551.5 517.7 515.8 519.1

EU 28 Export 1425.2 1534.4 1581.4 1654.8 1626.1 1610.9 1582.9 1600.9 1573.7

Import 1403.0 1508.0 1553.2 1628.0 1606.6 1596.7 1582.5 1585.7 1549.3

France Export 130.5 140.0 144.2 148.1 145.2 143.7 145.1 145.7 145.3

Import 149.1 161.9 164.3 171.6 171.1 166.5 163.9 166.1 165.0

Germany Export 349.4 377.4 385.0 401.7 396.1 384.6 378.3 381.2 370.0

Import 282.1 300.9 308.6 325.1 323.0 321.9 314.6 315.1 309.6

India Export 71.9 74.3 78.7 78.4 82.9 81.8 82.2 83.4 81.4

Import 113.6 108.9 118.9 123.8 127.4 133.4 128.5 124.3 126.4

Indonesia Export 40.8 43.3 44.3 44.8 45.1 45.4 44.1 42.2 40.9

Import 37.6 40.2 43.1 44.6 46.8 48.6 48.9 41.4 42.8

Italy Export 122.6 132.5 136.0 140.5 137.7 135.4 134.4 134.1 134.2

Import 110.2 117.6 121.1 126.9 125.6 125.3 124.5 121.0 120.2

Japan Export 171.9 178.1 179.8 185.3 188.3 183.9 181.2 176.0 176.4

Import 169.4 168.6 172.5 185.2 185.2 187.8 189.6 180.2 183.3

Korea Export 144.6 152.8 139.5 150.8 149.2 155.5 149.2 138.6 136.3

Import 118.1 122.9 121.2 133.7 133.6 132.4 135.7 125.3 129.0

Mexico Export 100.8 102.3 107.4 111.3 111.5 114.2 113.4 114.7 117.4

Import 103.0 106.2 110.2 113.4 115.3 117.9 117.2 115.7 114.6

Russia Export 84.3 86.4 95.3 106.8 109.5 113.1 113.3 108.6 100.6

Import 58.8 61.3 63.3 64.8 63.2 60.7 60.9 62.9 61.3

Saudi Arabia Export 49.2 52.4 62.3 67.7 73.8 77.2 75.9 68.7 66.3

Import 32.8 33.6 34.2 33.7 34.6 34.4 34.0 35.2 31.1

South Africa Export 22.2 22.1 23.1 24.1 23.7 23.3 23.0 22.5 22.4

Import 21.3 20.4 21.2 24.5 23.3 23.1 22.2 21.9 23.2

Turkey Export 38.7 40.4 41.2 42.0 40.6 39.9 44.7 43.8 41.6

Import 57.4 61.7 63.0 64.4 59.6 48.0 49.3 52.0 48.6

United Kingdom Export 103.7 108.2 111.4 117.4 111.5 113.5 109.3 116.3 108.0

Import 147.7 154.3 157.7 164.5 158.7 158.6 160.8 168.7 147.4

United States Export 380.1 385.5 401.0 408.6 424.9 417.5 415.0 417.1 412.8

Import 578.2 578.1 609.8 626.6 628.3 642.1 643.9 630.7 632.7

Paris, 29 August 2019 News Release

G20 International Merchandise Trade Statistics

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G20 total international merchandise trade Percentage variations

Quarters 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2

G20 Export 4.4% 3.3% 5.5% -0.8% -0.1% -1.2% 0.3% -1.9%

Import 4.3% 3.6% 5.1% -0.3% 0.4% -1.5% -1.1% -0.9%

Argentina Export 3.8% 0.0% 9.6% -11.2% 1.0% 10.8% -2.1% -1.7%

Import 4.6% 6.5% 1.8% -5.7% -8.8% -15.5% 0.0% -6.4%

Australia Export 3.9% -2.4% 11.0% 0.9% -0.2% 2.0% 1.5% 6.3%

Import 18.9% -14.8% 7.5% 0.1% -5.6% 0.4% 0.0% -2.3%

Brazil Export -0.9% -0.3% 11.2% -5.3% 5.6% 3.3% -7.0% -2.8%

Import 9.3% 1.0% 6.4% -0.5% 20.9% -11.2% -6.4% -0.1%

Canada Export -2.2% 4.3% 2.6% 3.9% 0.2% -4.4% -1.7% 6.4%

Import 2.3% 2.1% 2.7% 1.8% -1.6% -1.7% 1.5% -1.2%

China Export 0.8% 5.4% 9.8% -4.7% 1.1% -1.1% 3.9% -5.3%

Import 2.5% 6.9% 8.4% 1.2% 2.2% -6.1% -0.4% 0.6%

EU 28 Export 7.7% 3.1% 4.6% -1.7% -0.9% -1.7% 1.1% -1.7%

Import 7.5% 3.0% 4.8% -1.3% -0.6% -0.9% 0.2% -2.3%

France Export 7.3% 3.0% 2.7% -1.9% -1.0% 0.9% 0.5% -0.3%

Import 8.6% 1.5% 4.4% -0.3% -2.7% -1.5% 1.3% -0.7%

Germany Export 8.0% 2.0% 4.3% -1.4% -2.9% -1.6% 0.8% -3.0%

Import 6.7% 2.5% 5.4% -0.6% -0.3% -2.3% 0.1% -1.7%

India Export 3.4% 5.8% -0.3% 5.6% -1.2% 0.4% 1.5% -2.4%

Import -4.2% 9.2% 4.1% 2.9% 4.7% -3.7% -3.2% 1.7%

Indonesia Export 6.0% 2.4% 1.1% 0.6% 0.8% -3.0% -4.3% -3.2%

Import 6.9% 7.1% 3.7% 4.8% 3.9% 0.7% -15.3% 3.2%

Italy Export 8.1% 2.6% 3.3% -2.0% -1.7% -0.8% -0.2% 0.1%

Import 6.7% 2.9% 4.8% -1.1% -0.2% -0.6% -2.8% -0.6%

Japan Export 3.6% 1.0% 3.1% 1.6% -2.3% -1.5% -2.9% 0.2%

Import -0.5% 2.3% 7.4% 0.0% 1.4% 1.0% -5.0% 1.7%

Korea Export 5.7% -8.7% 8.1% -1.0% 4.2% -4.0% -7.1% -1.6%

Import 4.0% -1.4% 10.4% -0.1% -0.9% 2.4% -7.6% 2.9%

Mexico Export 1.5% 5.0% 3.6% 0.2% 2.4% -0.7% 1.2% 2.4%

Import 3.1% 3.7% 2.9% 1.7% 2.3% -0.6% -1.3% -0.9%

Russia Export 2.6% 10.3% 12.1% 2.5% 3.3% 0.2% -4.2% -7.4%

Import 4.3% 3.3% 2.3% -2.4% -4.0% 0.4% 3.2% -2.5%

Saudi Arabia Export 6.5% 19.0% 8.6% 9.0% 4.6% -1.6% -9.6% -3.5%

Import 2.6% 1.8% -1.5% 2.4% -0.5% -1.2% 3.4% -11.5%

South Africa Export -0.4% 4.1% 4.4% -1.6% -1.5% -1.3% -2.0% -0.4%

Import -4.2% 3.8% 15.6% -5.0% -0.9% -3.8% -1.5% 5.9%

Turkey Export 4.4% 2.0% 2.1% -3.4% -1.7% 11.8% -2.1% -5.0%

Import 7.4% 2.2% 2.1% -7.4% -19.5% 2.8% 5.3% -6.4%

United Kingdom Export 4.3% 3.0% 5.3% -5.0% 1.8% -3.7% 6.3% -7.1%

Import 4.5% 2.2% 4.3% -3.5% -0.1% 1.4% 4.9% -12.6%

United States Export 1.4% 4.0% 1.9% 4.0% -1.7% -0.6% 0.5% -1.1%

Import 0.0% 5.5% 2.8% 0.3% 2.2% 0.3% -2.0% 0.3%

Paris, 29 August 2019 News Release

G20 International Merchandise Trade Statistics

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G20 economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. The G20 aggregate is derived from the seasonally adjusted data of the individual economies.

>> Methodological Notes:

Further methodological information can be downloaded from:

https://www.oecd.org/sdd/its/OECD-G20-trade-technical-note.pdf

>> Access data:

The online dataset is available at:

https://stats.oecd.org/Index.aspx?datasetcode=MEI_TRD

>> Contacts:

For further information journalists are invited to contact the OECD’s Media Relations Division on (33) 1 45 24 97 00

or at news.contact@oecd.org; others should contact the OECD Statistics Directorate at stat.contact@oecd.org.

>> Next release:

28 November 2019