G20 international merchandise trade growth remains weak in first quarter 2019

28-May-2019

Growth in G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, remained weak in the first quarter of 2019. G20 exports rose marginally by 0.4% quarter‑on‑quarter while imports fell by 1.2%.   Compared to the third quarter of 2018, when the first round of new tariff measures affecting US-China trade came into effect, G20 exports are down by 0.8% and imports by 2.7%.

Imports contracted in the United States (by minus 1.9%) in the first quarter of 2019, with US imports from China falling by 12% (according to preliminary data), the largest fall on record. Imports also continued to contract in China (by minus 0.5%, following the previous quarter’s contraction of minus 6.0%).  Although exports were up 3.9% in China and 0.7% in the United States, they remain below recent highs.

Through closely integrated supply chains, international trade in other Asian economies has also been impacted by rising US-China trade tensions, as have exchange rates with the US dollar, with exports and imports contracting significantly in Indonesia (minus 4.3% and minus 15.3% respectively), Japan (minus 2.3% and minus 4.7%) and Korea (minus 7.1% and minus 7.7%). Non‑G20 economies in the region also experienced significant falls in trade.

In other G20 economies, only the United Kingdom recorded strong growth in exports (6.2%) and imports (5.0%) in part reflecting firm’s stockpiling and increasing international trade activity due to Brexit uncertainty.

In the remaining G20 economies, exports grew moderately in Australia (1.1%), Mexico (1.1%), the EU 28 (1.0%), Germany (0.9%), India (0.8%) and France (0.7%) and imports grew strongly in Turkey (5.3%) and Russia (3.5%).

G20 total international merchandise trade

Seasonally adjusted, in current prices and US$ billion

Values

Percentage variations

G20 total international merchandise trade

Seasonally adjusted, current prices and US$ billion

Quarters

2017 Q1

2017 Q2

2017 Q3

2017 Q4

2018 Q1

2018 Q2

2018 Q3

2018 Q4

2019 Q1

G20

Export

3273.7

3322.2

3466.3

3578.8

3775.0

3742.5

3742.8

3697.1

3712.6

Import

3274.2

3356.5

3501.6

3627.4

3813.4

3796.1

3813.9

3756.9

3712.3

Argentina

Export

14.6

14.2

14.9

14.9

16.4

14.3

14.6

16.2

16.0

Import

15.3

16.2

17.0

18.4

18.6

17.2

15.9

13.7

13.6

Australia

Export

58.6

56.5

58.8

57.3

63.6

64.2

64.0

65.2

66.0

Import

50.2

53.4

63.6

54.2

58.2

58.3

55.0

55.4

55.3

Brazil

Export

55.4

54.7

54.2

54.1

60.1

57.0

60.2

62.6

58.6

Import

36.1

36.0

39.3

39.8

42.3

42.1

50.9

45.2

42.4

Canada

Export

104.1

105.7

103.3

107.7

110.1

115.3

115.2

110.1

107.6

Import

104.3

107.1

109.5

111.8

114.9

117.0

115.0

113.0

114.6

China

Export

559.6

560.8

563.0

591.5

650.5

619.0

626.8

618.6

642.5

Import

454.8

451.3

461.2

492.2

533.9

539.8

551.5

518.6

515.8

EU 28

Export

1379.3

1425.1

1534.1

1581.6

1655.1

1624.3

1610.0

1583.1

1598.6

Import

1352.5

1403.0

1507.6

1553.3

1629.6

1605.1

1596.1

1581.7

1583.1

France

Export

122.2

130.6

139.8

144.3

148.1

145.3

143.6

145.1

146.2

Import

145.4

149.1

161.9

164.3

171.6

171.0

166.5

164.0

166.7

Germany

Export

335.8

349.1

377.3

385.1

402.1

395.7

384.5

378.4

381.8

Import

268.9

282.0

300.8

308.6

325.4

322.8

321.7

314.7

315.0

India

Export

74.1

71.9

74.3

78.7

78.6

82.3

81.8

82.4

83.0

Import

108.3

113.6

108.9

118.9

123.9

127.9

133.4

128.5

123.3

Indonesia

Export

40.3

40.8

43.3

44.3

44.8

45.1

45.4

44.1

42.2

Import

36.9

37.6

40.2

43.1

44.6

46.8

48.6

48.9

41.4

Italy

Export

117.5

122.7

132.6

135.9

140.4

137.9

135.4

134.3

133.9

Import

105.9

110.2

117.6

121.1

127.0

125.6

125.2

124.5

121.0

Japan

Export

169.2

171.7

177.8

179.8

186.2

187.9

183.3

181.2

177.1

Import

162.2

169.1

168.2

173.1

185.5

184.7

187.1

190.0

181.0

Korea

Export

137.1

144.6

152.8

139.5

150.8

149.2

155.5

149.2

138.6

Import

117.4

118.1

122.9

121.2

133.7

133.6

132.4

135.7

125.2

Mexico

Export

99.5

100.8

102.2

107.4

111.3

111.5

114.2

113.3

114.6

Import

101.7

103.1

106.1

110.1

113.5

115.4

117.7

117.1

116.0

Russia

Export

86.8

84.3

86.5

95.6

107.0

109.5

113.2

113.2

108.2

Import

54.7

58.7

61.3

63.2

64.8

63.2

60.7

60.9

63.0

Saudi Arabia

Export

57.9

49.2

52.4

62.3

67.4

73.6

77.5

76.1

Import

33.7

32.8

33.6

34.2

33.3

34.5

34.4

32.9

South Africa

Export

21.6

22.2

22.1

23.1

24.1

23.7

23.3

23.0

22.6

Import

20.3

21.3

20.4

21.2

24.5

23.3

23.1

22.2

21.9

Turkey

Export

36.3

38.7

40.4

41.2

42.0

40.6

39.9

44.7

43.8

Import

51.4

57.4

61.7

63.0

64.4

59.6

48.0

49.3

52.0

United Kingdom

Export

100.4

103.7

108.2

111.4

117.4

111.5

113.5

109.3

116.1

Import

144.6

147.7

154.3

157.7

164.5

158.7

158.6

160.8

168.8

United States

Export

379.3

380.9

386.2

399.9

407.0

425.0

417.8

414.1

417.0

Import

574.4

577.7

580.0

609.8

627.6

627.5

643.9

643.6

631.2

G20 total international merchandise trade

Percentage variations

Quarters

2017 Q2

2017 Q3

2017 Q4

2018 Q1

2018 Q2

2018 Q3

2018 Q4

2019 Q1

G20

Export

1.5%

4.3%

3.2%

5.5%

-0.9%

0.0%

-1.2%

0.4%

Import

2.5%

4.3%

3.6%

5.1%

-0.5%

0.5%

-1.5%

-1.2%

Argentina

Export

-2.7%

4.3%

0.1%

10.4%

-12.8%

2.1%

11.0%

-1.3%

Import

5.3%

5.3%

8.1%

1.3%

-7.6%

-7.8%

-14.0%

-0.7%

Australia

Export

-3.6%

3.9%

-2.4%

11.0%

0.9%

-0.2%

1.9%

1.1%

Import

6.4%

18.9%

-14.8%

7.5%

0.1%

-5.6%

0.6%

-0.1%

Brazil

Export

-1.2%

-0.9%

-0.3%

11.2%

-5.2%

5.7%

3.9%

-6.4%

Import

-0.1%

9.3%

1.0%

6.4%

-0.5%

20.9%

-11.2%

-6.4%

Canada

Export

1.5%

-2.2%

4.3%

2.2%

4.7%

0.0%

-4.5%

-2.3%

Import

2.7%

2.3%

2.1%

2.7%

1.8%

-1.7%

-1.7%

1.4%

China

Export

0.2%

0.4%

5.1%

10.0%

-4.8%

1.3%

-1.3%

3.9%

Import

-0.8%

2.2%

6.7%

8.5%

1.1%

2.2%

-6.0%

-0.5%

EU 28

Export

3.3%

7.6%

3.1%

4.6%

-1.9%

-0.9%

-1.7%

1.0%

Import

3.7%

7.5%

3.0%

4.9%

-1.5%

-0.6%

-0.9%

0.1%

France

Export

6.9%

7.1%

3.2%

2.7%

-1.9%

-1.2%

1.1%

0.7%

Import

2.5%

8.6%

1.5%

4.4%

-0.3%

-2.6%

-1.5%

1.7%

Germany

Export

4.0%

8.1%

2.1%

4.4%

-1.6%

-2.8%

-1.6%

0.9%

Import

4.9%

6.7%

2.6%

5.4%

-0.8%

-0.3%

-2.2%

0.1%

India

Export

-2.9%

3.4%

5.8%

-0.1%

4.8%

-0.6%

0.7%

0.8%

Import

4.9%

-4.2%

9.2%

4.1%

3.3%

4.3%

-3.7%

-4.0%

Indonesia

Export

1.3%

6.0%

2.4%

1.1%

0.6%

0.8%

-3.0%

-4.3%

Import

2.0%

6.9%

7.1%

3.7%

4.8%

3.9%

0.7%

-15.3%

Italy

Export

4.4%

8.1%

2.5%

3.3%

-1.8%

-1.8%

-0.8%

-0.3%

Import

4.1%

6.7%

3.0%

4.9%

-1.1%

-0.3%

-0.6%

-2.8%

Japan

Export

1.5%

3.5%

1.1%

3.5%

1.0%

-2.5%

-1.1%

-2.3%

Import

4.2%

-0.5%

2.9%

7.2%

-0.5%

1.4%

1.5%

-4.7%

Korea

Export

5.4%

5.7%

-8.7%

8.1%

-1.0%

4.2%

-4.0%

-7.1%

Import

0.6%

4.0%

-1.4%

10.4%

-0.1%

-0.9%

2.4%

-7.7%

Mexico

Export

1.4%

1.4%

5.0%

3.7%

0.1%

2.5%

-0.8%

1.1%

Import

1.4%

2.9%

3.7%

3.2%

1.7%

2.0%

-0.5%

-1.0%

Russia

Export

-2.8%

2.6%

10.4%

11.9%

2.4%

3.3%

0.0%

-4.4%

Import

7.3%

4.4%

3.1%

2.6%

-2.4%

-4.0%

0.3%

3.5%

Saudi Arabia

Export

-15.1%

6.5%

19.0%

8.2%

9.1%

5.3%

-1.8%

Import

-2.8%

2.6%

1.8%

-2.7%

3.7%

-0.5%

-4.3%

South Africa

Export

2.9%

-0.4%

4.1%

4.4%

-1.6%

-1.5%

-1.3%

-1.9%

Import

5.2%

-4.2%

3.8%

15.6%

-5.0%

-0.9%

-3.8%

-1.5%

Turkey

Export

6.5%

4.4%

2.0%

2.1%

-3.4%

-1.7%

11.9%

-2.0%

Import

11.7%

7.4%

2.2%

2.1%

-7.4%

-19.5%

2.8%

5.3%

United Kingdom

Export

3.3%

4.3%

3.0%

5.3%

-5.0%

1.8%

-3.6%

6.2%

Import

2.1%

4.5%

2.2%

4.3%

-3.5%

-0.1%

1.4%

5.0%

United States

Export

0.4%

1.4%

3.6%

1.8%

4.4%

-1.7%

-0.9%

0.7%

Import

0.6%

0.4%

5.1%

2.9%

0.0%

2.6%

0.0%

-1.9%

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.