G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, increased for the fifth consecutive quarter in the second quarter of 2017, though at a slower pace than over the previous three months.  G20 export growth slowed to 1.4% in the second quarter of 2017, compared with 3.4% in the first quarter of 2017 while imports increased by 1.7%, down from last quarter’s 4.2%. G20 merchandise

trade remains around 10% lower than recent highs in 2014.  There were, however, significant divergences across regions. Within the euro area, export and import growth picked up to 6.8% and 2.9% respectively in France, to 5.1% and 4.8% in Germany and to 5.3% and 4.5% in Italy. Exports also grew by 3.4% in the United Kingdom (slightly down on the previous quarter’s 3.6%) and picked up strongly in Turkey to 4.4%. 

In North America, merchandise trade growth was negligible in the United States and slowed in Mexico and Canada. In South American G20 economies, exports fell significantly in Argentina (‑10.2%) and Brazil (‑5.1%, with imports also falling by ‑6.8%). 

Exports also contracted significantly in Australia (‑4.8%), India (‑6.5%) and Indonesia (-3.0%). Export growth slowed in China, Japan and, albeit only slightly, Korea. Import growth in Korea slowed significantly (to 0.7%, compared with 8.2% in the previous quarter) and was negative in China (‑3.3%) and Indonesia (‑4.1%).  Exports contracted by over 20% in Saudi Arabia and by nearly 6% in Russia, partly reflecting a 5% fall in oil prices. 


All G20 economies, except Argentina, Australia, Brazil and Canada, saw their currencies appreciate against the US dollar in Q2 2017.