Paris, 28 November 2019

News Release G20 International Merchandise Trade Statistics

1

G20 international merchandise trade continues to slow in third quarter of 2019

G20 international merchandise trade (in current US dollars, seasonally adjusted) continued its downward

trend in the third quarter of 2019, approaching two-year lows. Compared with the second quarter of 2019,

exports contracted by 0.7% and imports by 0.9%, partly reflecting a nearly 20% fall in oil prices and

depreciations in most major currencies vis-à-vis the US dollar.

Trade remained weak across all G20 regions in the third quarter of 2019. The slowdown was particularly

pronounced in the European Union, with exports contracting by 1.8% and imports by 0.4%. Exports and

imports fell across all major EU economies, with declines of 3.6% and 1.7%, respectively, in France, and of

0.4% and 1.8%, respectively, in Germany. In Italy, trade fell for the sixth straight quarter, with exports and

imports decreasing by 1.2% and 1.0% in Q3 2019.

In the United Kingdom, partly reflecting a significant fall in the value of Sterling (down 4.3% against the

US dollar) and on-going Brexit uncertainty, exports contracted by 3.3% and imports by 1.6%.

Imports were also weak across all major Asian economies, contracting by 9.7% in India, 2.3% in Korea,

1.8% in China, and 0.4% in Indonesia. However, in Japan imports picked up by 0.5% as the yen appreciated

against the US dollar. Exports fared generally better in the region, picking up by 4.1%, 2.2% and 1.6%,

respectively, in Indonesia, Japan and China, but they contracted in India (by 3.1%) and Korea (by 0.4%).

Reflecting the fall in oil prices, Saudi Arabia’s exports dropped by 6.8%.

In North America, exports from the United States fell marginally, by 0.2%, while imports decreased

by 0.7%. United States exports to China remain significantly below the levels seen before the recent

bilateral trade tensions, despite a pick-up in the second quarter (by 1.9%), and imports from China to the

United States were down 2.1%. Mexico’s exports and imports contracted (by 0.2% and 0.4%), while

Canada recorded a 1.7% decline in exports but a pick-up in imports (of 0.4%).

In South America, Brazil’s exports contracted by 3.5% while imports picked up by 15.3%, in part reflecting

a spike in imports under the Repetro regime1, which provides tax incentives on the purchase of inputs to the

oil and gas industry. A significant increase in shipments to China fuelled Argentina’s exports (up 5.1% -

the highest increase among G20 members in the third quarter of 2019).

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

Values Percentage variations

1 See https://www.cms-lawnow.com/ealerts/2018/01/brazils-new-tax-rules-for-oil-and-gas-activities

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, 28 November 2019

News Release G20 International Merchandise Trade Statistics

2

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

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

G20 Export 3466.9 3577.1 3776.8 3741.7 3746.8 3697.3 3704.1 3634.7 3610.9

Import 3503.2 3625.5 3808.9 3800.1 3817.1 3763.0 3720.1 3688.9 3654.4

Argentina Export 14.9 15.0 16.0 14.6 14.8 16.4 15.9 15.5 16.3

Import 17.0 18.3 18.5 17.4 16.1 13.5 13.5 12.5 12.3

Australia Export 58.8 57.3 63.6 64.2 64.0 65.3 66.3 70.6 69.9

Import 63.6 54.2 58.2 58.3 55.0 55.3 55.3 53.9 51.9

Brazil Export 54.2 54.1 60.1 56.9 60.1 62.1 57.7 56.0 54.1

Import 39.3 39.8 42.3 42.1 50.9 45.2 42.4 42.3 48.8

Canada Export 103.3 107.7 110.6 114.5 115.3 110.1 108.2 115.0 113.0

Import 109.5 111.8 114.7 116.8 115.2 113.1 114.6 113.3 113.7

China Export 563.0 591.5 650.5 619.0 626.8 618.6 642.5 608.7 618.2

Import 461.2 492.2 533.9 539.8 551.5 518.6 515.8 519.1 510.0

EU 28 Export 1535.0 1578.6 1656.2 1623.9 1613.6 1582.4 1597.8 1570.4 1542.8

Import 1510.4 1551.3 1626.5 1608.5 1599.9 1586.5 1588.4 1545.9 1540.2

France Export 140.5 144.0 148.2 145.0 144.0 144.3 145.6 145.0 139.8

Import 162.0 164.0 171.2 171.0 166.3 163.9 165.9 164.8 162.1

Germany Export 376.4 382.3 400.6 394.3 383.6 377.6 378.4 370.1 368.5

Import 301.7 309.1 324.1 323.0 322.9 315.3 315.6 309.8 304.2

India Export 74.3 78.7 78.4 82.3 81.9 82.2 83.4 81.3 78.8

Import 108.9 118.9 123.8 127.9 133.4 128.5 124.3 129.2 116.6

Indonesia Export 43.3 44.3 44.8 45.1 45.4 44.1 42.2 40.9 42.6

Import 40.2 43.1 44.6 46.8 48.6 48.9 41.4 42.8 42.6

Italy Export 132.8 136.5 141.5 138.0 136.2 135.4 134.5 134.0 132.4

Import 117.8 120.8 127.7 126.3 126.0 124.8 120.8 120.2 119.1

Japan Export 178.0 179.9 185.5 188.2 183.7 181.4 176.3 176.2 180.1

Import 168.7 173.0 185.2 184.4 187.8 190.1 180.5 182.5 183.4

Korea Export 152.8 139.5 150.8 149.2 155.5 149.2 138.6 136.3 135.8

Import 122.9 121.2 133.7 133.6 132.4 135.7 125.5 129.1 126.1

Mexico Export 102.4 107.5 111.1 111.3 114.5 113.5 114.5 117.2 116.9

Import 106.2 110.1 113.3 115.5 117.9 117.2 115.6 114.8 114.4

Russia Export 86.4 95.3 106.8 109.5 113.1 113.3 108.7 102.5 103.8

Import 61.3 63.3 64.8 63.2 60.7 60.9 63.0 61.8 62.5

Saudi Arabia Export 52.4 62.3 67.7 73.8 77.2 75.9 68.7 67.2 62.7

Import 33.6 34.2 33.7 34.6 34.4 34.0 35.2 37.2 33.9

South Africa Export 22.2 23.1 24.1 23.7 23.3 23.0 22.6 22.5 22.6

Import 20.5 21.3 24.5 23.3 23.1 22.2 21.9 23.1 21.9

Turkey Export 40.4 41.2 42.0 40.6 39.9 44.7 43.8 41.5 41.4

Import 61.7 63.0 64.4 59.6 48.0 49.3 52.0 48.6 48.2

United Kingdom Export 108.2 111.4 117.9 111.8 113.6 109.2 116.4 108.0 104.4

Import 154.3 157.7 164.5 158.6 158.5 160.7 169.1 147.8 145.3

United States Export 385.5 401.0 408.6 424.9 417.5 415.0 417.1 412.8 412.1

Import 578.1 609.8 626.6 628.3 642.1 643.9 630.7 632.7 628.0

Paris, 28 November 2019

News Release G20 International Merchandise Trade Statistics

3

G20 total international merchandise trade Percentage variations

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

G20 Export 3.2% 5.6% -0.9% 0.1% -1.3% 0.2% -1.9% -0.7%

Import 3.5% 5.1% -0.2% 0.4% -1.4% -1.1% -0.8% -0.9%

Argentina Export 0.2% 7.2% -8.9% 1.1% 11.2% -3.2% -2.4% 5.1%

Import 7.6% 1.0% -5.9% -7.8% -15.8% -0.1% -7.2% -2.2%

Australia Export -2.4% 11.0% 0.9% -0.2% 2.0% 1.6% 6.4% -0.9%

Import -14.8% 7.5% 0.1% -5.6% 0.4% 0.1% -2.5% -3.8%

Brazil Export -0.3% 11.2% -5.3% 5.6% 3.3% -7.1% -3.0% -3.5%

Import 1.0% 6.4% -0.5% 20.9% -11.2% -6.4% -0.1% 15.3%

Canada Export 4.3% 2.6% 3.6% 0.7% -4.5% -1.7% 6.2% -1.7%

Import 2.1% 2.6% 1.8% -1.3% -1.8% 1.3% -1.2% 0.4%

China Export 5.1% 10.0% -4.8% 1.3% -1.3% 3.9% -5.3% 1.6%

Import 6.7% 8.5% 1.1% 2.2% -6.0% -0.5% 0.6% -1.8%

EU 28 Export 2.8% 4.9% -1.9% -0.6% -1.9% 1.0% -1.7% -1.8%

Import 2.7% 4.8% -1.1% -0.5% -0.8% 0.1% -2.7% -0.4%

France Export 2.5% 2.9% -2.1% -0.7% 0.2% 0.9% -0.4% -3.6%

Import 1.3% 4.4% -0.1% -2.8% -1.4% 1.2% -0.7% -1.7%

Germany Export 1.6% 4.8% -1.6% -2.7% -1.5% 0.2% -2.2% -0.4%

Import 2.5% 4.9% -0.3% 0.0% -2.4% 0.1% -1.8% -1.8%

India Export 5.8% -0.3% 4.9% -0.5% 0.4% 1.5% -2.5% -3.1%

Import 9.2% 4.1% 3.3% 4.3% -3.7% -3.2% 3.9% -9.7%

Indonesia Export 2.4% 1.1% 0.6% 0.8% -3.0% -4.3% -3.2% 4.1%

Import 7.1% 3.7% 4.8% 3.9% 0.7% -15.3% 3.2% -0.4%

Italy Export 2.8% 3.7% -2.4% -1.3% -0.6% -0.6% -0.4% -1.2%

Import 2.5% 5.7% -1.1% -0.2% -0.9% -3.3% -0.5% -1.0%

Japan Export 1.1% 3.1% 1.4% -2.4% -1.3% -2.8% 0.0% 2.2%

Import 2.6% 7.0% -0.4% 1.9% 1.2% -5.1% 1.1% 0.5%

Korea Export -8.7% 8.1% -1.0% 4.2% -4.0% -7.1% -1.6% -0.4%

Import -1.4% 10.4% -0.1% -0.9% 2.4% -7.5% 2.8% -2.3%

Mexico Export 5.0% 3.3% 0.1% 2.9% -0.9% 0.9% 2.3% -0.2%

Import 3.7% 2.9% 1.9% 2.1% -0.6% -1.3% -0.7% -0.4%

Russia Export 10.3% 12.1% 2.5% 3.3% 0.2% -4.1% -5.7% 1.2%

Import 3.3% 2.3% -2.4% -4.0% 0.4% 3.4% -1.9% 1.2%

Saudi Arabia Export 19.0% 8.6% 9.0% 4.6% -1.6% -9.6% -2.1% -6.8%

Import 1.8% -1.5% 2.4% -0.5% -1.2% 3.4% 5.8% -8.8%

South Africa Export 4.3% 4.2% -1.5% -1.7% -1.2% -2.1% -0.2% 0.3%

Import 4.0% 15.3% -4.8% -1.1% -3.6% -1.6% 5.8% -5.3%

Turkey Export 2.0% 2.1% -3.4% -1.7% 11.8% -2.1% -5.1% -0.4%

Import 2.2% 2.1% -7.4% -19.5% 2.8% 5.3% -6.4% -0.8%

United Kingdom Export 3.0% 5.8% -5.2% 1.6% -3.9% 6.5% -7.2% -3.3%

Import 2.2% 4.3% -3.5% -0.1% 1.4% 5.2% -12.6% -1.6%

United States Export 4.0% 1.9% 4.0% -1.7% -0.6% 0.5% -1.1% -0.2%

Import 5.5% 2.8% 0.3% 2.2% 0.3% -2.0% 0.3% -0.7%

Paris, 28 November 2019

News Release G20 International Merchandise Trade Statistics

4

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:

27 February 2020