Weak growth of G20 international merchandise trade in third quarter of 2018
G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, grew marginally in the third quarter of 2018, on the back of rising oil prices, with G20 exports rising by 0.3% and imports by 0.7%, following the minor contractions in the second quarter of 2018.
Excluding large oil exporters, such as Russia and Saudi Arabia, G20 trade was flat suggesting that the steady expansion seen over the last two years may have stalled as recent protectionist measures begin to bite.
In the United States, exports contracted by 1.7%. Although exports grew in China (by 2.4%) – partly reflecting the exceptional sale of an oil platform to Brazil, which helped push up Brazilian imports by 18.0% – this only partially offset the significant contraction of Chinese exports (down 4.9%) in the previous quarter. Exports also contracted in the European Union as a whole (minus 0.8%), for the second straight quarter, and in Australia (minus 2.0%), Japan (minus 2.0%), South Africa (minus 0.8%), Turkey (minus 0.6%) and India (minus 0.3%).
Import growth remained weak in most countries, but picked up in large oil-importing countries such as China (4.1%) and India (4.1%), as well as Indonesia (4.9%). Imports decreased significantly in Turkey (minus 14.1%) and Argentina (minus 8.0%), in large part reflecting the continuing depreciation of these countries’ currencies against the US dollar (minus 36% for the Argentine peso and minus 30% for the Turkish lira), as well as in Saudi Arabia (minus 10.6%). Imports also contracted in Australia (minus 5.2%), Russia (minus 5.2%), Canada (minus 1.4%), Korea (minus 0.9%) and the European Union as a whole (minus 0.5%).
G20 total international merchandise trade
Seasonally adjusted, current prices and US$bn
G20 total international merchandise trade
Seasonally adjusted, current prices and US$bn
Quarters
2016 Q3
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
G20
Export
3116.2
3152.0
3271.1
3322.2
3474.9
3572.4
3770.6
3744.5
3757.2
Import
3117.8
3143.6
3271.2
3359.0
3510.2
3622.3
3806.4
3796.8
3824.7
Argentina
Export
14.5
14.9
14.7
14.2
14.7
15.1
16.5
14.3
14.4
Import
13.3
14.6
15.3
16.2
17.0
18.4
18.6
17.3
15.9
Australia
Export
48.0
55.1
59.1
57.0
58.8
56.0
65.1
64.7
63.4
Import
47.4
48.3
50.3
52.9
63.2
55.0
58.3
57.6
54.6
Brazil
Export
45.9
47.3
54.9
54.6
53.9
55.0
59.5
56.7
59.8
Import
34.8
34.9
36.8
35.8
38.5
40.1
43.2
42.0
49.5
Canada
Export
99.9
101.0
104.1
105.7
103.6
107.5
109.7
114.9
115.1
Import
103.7
99.7
104.2
107.0
109.6
112.0
114.8
116.5
114.8
China
Export
530.2
534.3
560.3
561.2
567.7
586.7
650.8
619.2
634.3
Import
401.9
424.2
453.4
452.8
467.7
485.9
530.4
542.9
565.1
EU 28
Export
1345.8
1347.5
1378.8
1425.4
1534.7
1580.0
1653.1
1623.1
1610.7
Import
1333.4
1308.4
1352.6
1404.2
1508.4
1554.0
1631.2
1603.3
1594.5
France
Export
124.7
124.9
122.3
130.5
139.7
144.3
148.2
145.3
143.2
Import
145.1
143.7
147.0
150.6
164.0
166.1
172.6
171.2
166.4
Germany
Export
333.8
329.5
335.9
349.1
377.5
384.7
402.2
395.6
384.8
Import
264.0
262.3
268.9
281.8
300.9
308.6
325.5
322.5
322.1
India
Export
66.3
68.7
74.1
72.1
74.3
78.5
78.4
82.4
82.1
Import
91.4
100.8
107.5
113.7
109.7
118.8
122.7
127.7
132.9
Indonesia
Export
35.9
39.1
40.6
39.6
43.8
44.5
44.6
45.0
46.4
Import
33.5
35.3
36.7
37.4
40.5
42.6
44.1
46.6
48.9
Italy
Export
116.8
114.4
117.4
122.6
132.6
136.1
140.2
137.6
135.3
Import
102.8
102.2
105.6
110.1
117.9
121.5
126.4
125.3
125.5
Japan
Export
167.4
163.8
168.2
171.9
178.4
180.2
184.5
188.2
184.4
Import
157.3
154.1
161.1
169.7
168.9
173.6
182.9
185.7
188.4
Korea
Export
123.2
128.8
136.5
144.5
153.4
139.7
150.0
149.1
156.0
Import
103.5
108.4
116.9
118.6
123.2
120.8
132.9
134.0
132.9
Mexico
Export
94.8
97.4
99.3
101.0
102.6
106.9
111.2
111.7
114.7
Import
97.7
99.3
101.6
103.0
106.2
110.0
113.5
115.3
117.9
Russia
Export
72.3
77.0
86.0
84.0
87.6
96.2
105.2
109.0
114.7
Import
49.6
51.3
55.0
59.0
61.1
62.7
65.3
63.7
60.3
Saudi Arabia
Export
46.6
51.4
57.5
49.4
52.7
62.2
66.9
74.4
77.0
Import
32.4
33.4
33.3
33.2
34.1
33.9
32.6
35.2
31.4
South Africa
Export
19.6
19.7
21.5
22.2
22.2
23.1
23.9
23.7
23.5
Import
19.3
19.6
20.0
21.4
20.6
21.3
24.4
23.1
23.3
Turkey
Export
36.0
36.7
36.3
38.7
40.4
40.9
42.0
40.9
40.6
Import
47.1
51.1
52.2
56.3
61.5
63.5
64.3
58.8
50.5
United Kingdom
Export
97.2
97.9
100.1
104.2
108.5
110.5
117.1
112.2
113.6
Import
144.1
142.8
144.8
147.4
154.4
157.8
164.7
158.7
158.7
United States
Export
369.7
369.5
379.3
380.9
386.2
399.9
409.3
427.3
420.0
Import
551.4
560.3
574.4
577.7
580.0
609.8
627.4
627.3
643.7
G20 total international merchandise trade
Percentage variations
Quarters
2016 Q4
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q2
G20
Export
1.1%
3.8%
1.6%
4.6%
2.8%
5.5%
-0.7%
0.3%
Import
0.8%
4.1%
2.7%
4.5%
3.2%
5.1%
-0.3%
0.7%
Argentina
Export
2.4%
-1.6%
-3.0%
3.2%
2.8%
9.2%
-13.1%
0.7%
Import
9.5%
4.8%
5.8%
5.1%
7.9%
1.1%
-7.1%
-8.0%
Australia
Export
14.8%
7.3%
-3.6%
3.1%
-4.8%
16.3%
-0.6%
-2.0%
Import
1.8%
4.1%
5.2%
19.6%
-13.0%
6.0%
-1.1%
-5.2%
Brazil
Export
3.0%
16.1%
-0.6%
-1.2%
2.1%
8.0%
-4.7%
5.5%
Import
0.3%
5.5%
-2.6%
7.4%
4.0%
7.9%
-2.9%
18.0%
Canada
Export
1.1%
3.1%
1.5%
-2.0%
3.8%
2.0%
4.7%
0.2%
Import
-3.9%
4.5%
2.7%
2.4%
2.2%
2.5%
1.5%
-1.4%
China
Export
0.8%
4.9%
0.1%
1.2%
3.4%
10.9%
-4.9%
2.4%
Import
5.6%
6.9%
-0.1%
3.3%
3.9%
9.2%
2.4%
4.1%
EU 28
Export
0.1%
2.3%
3.4%
7.7%
2.9%
4.6%
-1.8%
-0.8%
Import
-1.9%
3.4%
3.8%
7.4%
3.0%
5.0%
-1.7%
-0.5%
France
Export
0.2%
-2.1%
6.7%
7.0%
3.3%
2.7%
-2.0%
-1.4%
Import
-1.0%
2.3%
2.5%
8.9%
1.3%
3.9%
-0.8%
-2.8%
Germany
Export
-1.3%
1.9%
3.9%
8.1%
1.9%
4.5%
-1.6%
-2.7%
Import
-0.6%
2.5%
4.8%
6.8%
2.6%
5.5%
-0.9%
-0.1%
India
Export
3.6%
7.9%
-2.7%
3.1%
5.6%
0.0%
5.1%
-0.3%
Import
10.3%
6.7%
5.8%
-3.5%
8.3%
3.3%
4.1%
4.1%
Indonesia
Export
8.9%
4.0%
-2.6%
10.6%
1.8%
0.1%
0.9%
3.2%
Import
5.4%
3.9%
2.0%
8.2%
5.2%
3.7%
5.5%
4.9%
Italy
Export
-2.1%
2.7%
4.4%
8.1%
2.7%
3.0%
-1.8%
-1.7%
Import
-0.6%
3.3%
4.3%
7.1%
3.1%
4.1%
-0.9%
0.1%
Japan
Export
-2.1%
2.7%
2.2%
3.8%
1.0%
2.4%
2.1%
-2.0%
Import
-2.1%
4.6%
5.3%
-0.5%
2.8%
5.3%
1.6%
1.4%
Korea
Export
4.6%
5.9%
5.9%
6.1%
-8.9%
7.4%
-0.6%
4.7%
Import
4.6%
7.9%
1.5%
3.9%
-1.9%
10.0%
0.9%
-0.9%
Mexico
Export
2.7%
1.9%
1.7%
1.6%
4.2%
4.0%
0.4%
2.7%
Import
1.6%
2.4%
1.3%
3.2%
3.6%
3.1%
1.6%
2.2%
Russia
Export
6.5%
11.7%
-2.2%
4.3%
9.7%
9.4%
3.6%
5.3%
Import
3.3%
7.2%
7.3%
3.6%
2.7%
4.1%
-2.5%
-5.2%
Saudi Arabia
Export
10.2%
12.0%
-14.1%
6.6%
18.1%
7.5%
11.2%
3.5%
Import
3.2%
-0.4%
-0.3%
2.6%
-0.6%
-3.6%
7.7%
-10.6%
South Africa
Export
0.4%
8.9%
3.6%
-0.1%
4.1%
3.2%
-0.9%
-0.8%
Import
1.7%
1.9%
7.0%
-3.7%
3.3%
14.6%
-5.3%
1.0%
Turkey
Export
1.8%
-1.1%
6.5%
4.5%
1.3%
2.7%
-2.7%
-0.6%
Import
8.7%
2.1%
7.9%
9.1%
3.3%
1.2%
-8.6%
-14.1%
United Kingdom
Export
0.7%
2.2%
4.1%
4.2%
1.8%
6.0%
-4.2%
1.3%
Import
-0.9%
1.4%
1.8%
4.7%
2.2%
4.4%
-3.6%
0.0%
United States
Export
-0.1%
2.6%
0.4%
1.4%
3.6%
2.3%
4.4%
-1.7%
Import
1.6%
2.5%
0.6%
0.4%
5.1%
2.9%
0.0%
2.6%
G20 countries: 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.
