FOTO: SOStenible
G20 economies’ international merchandise trade, seasonally adjusted and expressed in current US dollars, grew for the third straight quarter in the fourth quarter of 2016. Export growth picked up strongly to 1.5%, compared with 0.3% in the previous quarter. Imports increased by 0.8%, marginally up on last quarter’s 0.7% growth. However, merchandise trade still remains around 10% below its pre-crisis levels.
Exports in the fourth quarter of 2016 grew significantly on the back of rising commodity prices in Indonesia (by 12.9%), Australia (12.4%) and Russia (7.6%). Exports also increased strongly in Argentina (4.1%), India (3.4%), Korea (3.2%) and Mexico (3.1%).
Exports contracted in six G20 economies: Germany (by 1.3%), Japan (0.8%), the United States (0.8%), Italy (0.7%) and, albeit marginally, in Turkey and the United Kingdom.
Imports in the fourth quarter of 2016 grew by over 5% in India, Turkey, Argentina, Indonesia and Korea. Significant falls occurred in Canada (4.5%), Russia (3.6%) and Japan (2.3%) and, to a lesser extent, in France, Germany and the United Kingdom; partly mirroring falls in the value of the euro and sterling. Imports grew in Italy, for the third consecutive quarter, but at a slower pace.
In China, exports picked up moderately, by 0.9%, the first growth since the third quarter of 2015, but robust import growth (3.6%) pushed China’s trade surplus down to its lowest level since the third quarter of 2014.
G20 total international merchandise trade
Seasonally adjusted, current prices and US$ billion
| Values | Percentage variations |
G20 total international merchandise trade
Seasonally adjusted, current prices and US$ billion
| Quarters | 2014 Q4 | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 | |
| G20 | Export | 3482.5 | 3277.1 | 3212.9 | 3154.2 | 3091.6 | 3031.7 | 3089.7 | 3097.6 | 3143.2 |
| Import | 3488.2 | 3246.3 | 3203.8 | 3157.4 | 3076.8 | 3000.8 | 3066.1 | 3088.9 | 3112.9 | |
| Argentina | Export | 16.0 | 14.2 | 14.6 | 14.6 | 13.1 | 14.6 | 13.7 | 14.4 | 15.0 |
| Import | 14.6 | 14.7 | 15.5 | 15.4 | 14.1 | 14.4 | 13.9 | 13.3 | 14.2 | |
| Australia | Export | 55.0 | 52.2 | 47.0 | 46.1 | 43.1 | 42.6 | 45.2 | 47.8 | 53.7 |
| Import | 53.1 | 51.3 | 52.5 | 49.0 | 47.9 | 46.5 | 47.0 | 47.7 | 47.7 | |
| Brazil | Export | 50.9 | 49.4 | 49.3 | 46.2 | 46.2 | 45.5 | 47.5 | 45.3 | 46.0 |
| Import | 53.9 | 51.7 | 44.1 | 39.7 | 36.5 | 34.3 | 34.6 | 34.5 | 34.4 | |
| Canada | Export | 117.8 | 104.7 | 104.7 | 103.2 | 97.7 | 94.9 | 95.2 | 99.0 | 100.7 |
| Import | 115.3 | 106.9 | 108.6 | 104.0 | 100.6 | 97.5 | 102.5 | 103.6 | 98.9 | |
| China | Export | 593.3 | 612.6 | 561.4 | 561.9 | 558.0 | 544.4 | 536.3 | 526.2 | 531.2 |
| Import | 469.8 | 437.5 | 424.4 | 415.5 | 404.3 | 375.2 | 395.7 | 396.3 | 410.6 | |
| EU 28 | Export | 1470.8 | 1342.6 | 1357.7 | 1340.9 | 1325.9 | 1318.4 | 1349.2 | 1338.3 | 1339.8 |
| Import | 1421.4 | 1312.5 | 1315.0 | 1308.3 | 1289.6 | 1284.9 | 1317.4 | 1320.2 | 1297.4 | |
| France | Export | 139.2 | 127.0 | 128.8 | 125.3 | 124.3 | 124.5 | 125.7 | 124.7 | 125.2 |
| Import | 157.5 | 143.5 | 144.9 | 142.5 | 142.3 | 141.8 | 141.3 | 145.1 | 143.5 | |
| Germany | Export | 356.9 | 326.6 | 330.6 | 330.2 | 324.3 | 327.1 | 334.8 | 331.1 | 326.9 |
| Import | 283.2 | 260.6 | 261.3 | 264.0 | 257.1 | 259.1 | 261.6 | 262.4 | 260.9 | |
| India | Export | 80.0 | 68.6 | 67.5 | 66.8 | 64.5 | 63.1 | 66.7 | 66.2 | 68.4 |
| Import | 116.0 | 99.6 | 98.7 | 100.8 | 93.5 | 86.4 | 84.6 | 88.5 | 99.7 | |
| Indonesia | Export | 42.3 | 40.6 | 39.4 | 36.4 | 34.1 | 35.0 | 36.0 | 34.5 | 38.9 |
| Import | 42.2 | 38.5 | 36.7 | 34.6 | 33.6 | 32.8 | 33.7 | 33.7 | 36.0 | |
| Italy | Export | 127.0 | 115.1 | 114.8 | 112.6 | 112.3 | 113.0 | 116.5 | 117.4 | 116.6 |
| Import | 111.6 | 103.3 | 105.0 | 101.7 | 99.7 | 99.0 | 101.5 | 102.3 | 102.8 | |
| Japan | Export | 169.7 | 162.1 | 155.6 | 155.6 | 151.8 | 151.8 | 158.6 | 166.5 | 165.2 |
| Import | 187.6 | 170.5 | 162.7 | 163.5 | 151.3 | 146.2 | 149.3 | 157.2 | 153.7 | |
| Korea | Export | 143.2 | 139.9 | 132.8 | 130.2 | 126.5 | 120.5 | 123.7 | 124.4 | 128.4 |
| Import | 126.6 | 113.9 | 111.2 | 108.3 | 103.5 | 95.8 | 99.8 | 102.9 | 108.4 | |
| Mexico | Export | 99.8 | 96.2 | 95.6 | 95.7 | 93.3 | 89.8 | 91.2 | 94.8 | 97.8 |
| Import | 101.4 | 98.0 | 99.2 | 100.6 | 97.6 | 94.9 | 94.5 | 98.2 | 99.5 | |
| Russia | Export | 108.5 | 98.2 | 91.1 | 78.7 | 75.0 | 65.4 | 67.7 | 71.1 | 76.6 |
| Import | 65.6 | 56.8 | 49.6 | 44.8 | 41.4 | 50.2 | 48.1 | 47.4 | 45.7 | |
| Saudi Arabia | Export | 67.0 | 55.5 | 55.7 | 46.3 | 44.8 | 41.4 | 43.6 | 38.8 | |
| Import | 44.7 | 44.6 | 42.7 | 41.5 | 45.8 | 38.5 | 33.8 | 30.0 | ||
| South Africa | Export | 22.7 | 21.1 | 21.5 | 20.4 | 18.5 | 17.0 | 19.6 | 19.7 | 20.0 |
| Import | 24.5 | 23.3 | 21.7 | 21.1 | 19.5 | 18.0 | 18.3 | 19.2 | 19.7 | |
| Turkey | Export | 39.7 | 37.8 | 36.7 | 35.7 | 35.6 | 35.6 | 37.4 | 36.7 | 36.7 |
| Import | 60.6 | 55.4 | 52.6 | 49.6 | 49.5 | 49.6 | 51.1 | 47.2 | 50.4 | |
| United Kingdom | Export | 114.2 | 106.4 | 110.2 | 106.7 | 103.8 | 99.3 | 102.3 | 96.9 | 96.8 |
| Import | 163.8 | 154.9 | 152.5 | 151.6 | 150.8 | 143.3 | 147.7 | 143.3 | 140.8 | |
| United States | Export | 405.8 | 381.4 | 382.1 | 375.7 | 363.5 | 352.0 | 358.0 | 373.8 | 370.8 |
| Import | 590.9 | 571.1 | 568.4 | 560.8 | 548.0 | 535.6 | 541.8 | 548.6 | 562.9 |
G20 total international merchandise trade
Percentage variations
| Quarters | 2015 Q1 | 2015 Q2 | 2015 Q3 | 2015 Q4 | 2016 Q1 | 2016 Q2 | 2016 Q3 | 2016 Q4 | |
| G20 | Export | -5.9% | -2.0% | -1.8% | -2.0% | -1.9% | 1.9% | 0.3% | 1.5% |
| Import | -6.9% | -1.3% | -1.4% | -2.6% | -2.5% | 2.2% | 0.7% | 0.8% | |
| Argentina | Export | -11.0% | 2.9% | -0.3% | -10.2% | 11.7% | -6.1% | 5.3% | 4.1% |
| Import | 0.3% | 5.5% | -0.7% | -8.3% | 2.2% | -3.6% | -4.3% | 6.7% | |
| Australia | Export | -5.2% | -9.9% | -2.0% | -6.5% | -1.2% | 6.3% | 5.7% | 12.4% |
| Import | -3.3% | 2.4% | -6.7% | -2.3% | -3.0% | 1.1% | 1.5% | -0.1% | |
| Brazil | Export | -3.0% | -0.3% | -6.2% | 0.1% | -1.5% | 4.4% | -4.7% | 1.5% |
| Import | -4.1% | -14.6% | -10.2% | -7.8% | -6.2% | 1.1% | -0.4% | -0.3% | |
| Canada | Export | -11.1% | 0.0% | -1.4% | -5.4% | -2.9% | 0.4% | 3.9% | 1.7% |
| Import | -7.3% | 1.6% | -4.2% | -3.3% | -3.1% | 5.2% | 1.1% | -4.5% | |
| China | Export | 3.2% | -8.4% | 0.1% | -0.7% | -2.4% | -1.5% | -1.9% | 0.9% |
| Import | -6.9% | -3.0% | -2.1% | -2.7% | -7.2% | 5.5% | 0.2% | 3.6% | |
| EU 28 | Export | -8.7% | 1.1% | -1.2% | -1.1% | -0.6% | 2.3% | -0.8% | 0.1% |
| Import | -7.7% | 0.2% | -0.5% | -1.4% | -0.4% | 2.5% | 0.2% | -1.7% | |
| France | Export | -8.8% | 1.4% | -2.7% | -0.8% | 0.1% | 1.0% | -0.8% | 0.4% |
| Import | -8.9% | 1.0% | -1.6% | -0.2% | -0.3% | -0.4% | 2.7% | -1.1% | |
| Germany | Export | -8.5% | 1.2% | -0.1% | -1.8% | 0.9% | 2.3% | -1.1% | -1.3% |
| Import | -8.0% | 0.2% | 1.1% | -2.6% | 0.8% | 1.0% | 0.3% | -0.6% | |
| India | Export | -14.3% | -1.6% | -1.1% | -3.4% | -2.3% | 5.7% | -0.7% | 3.4% |
| Import | -14.2% | -0.8% | 2.1% | -7.2% | -7.6% | -2.1% | 4.6% | 12.7% | |
| Indonesia | Export | -4.0% | -3.1% | -7.5% | -6.3% | 2.5% | 3.0% | -4.2% | 12.9% |
| Import | -8.6% | -4.8% | -5.6% | -2.9% | -2.5% | 2.9% | 0.1% | 6.5% | |
| Italy | Export | -9.4% | -0.3% | -1.9% | -0.2% | 0.6% | 3.1% | 0.8% | -0.7% |
| Import | -7.4% | 1.7% | -3.2% | -2.0% | -0.7% | 2.5% | 0.9% | 0.4% | |
| Japan | Export | -4.5% | -4.0% | 0.0% | -2.4% | 0.0% | 4.5% | 5.0% | -0.8% |
| Import | -9.1% | -4.6% | 0.5% | -7.5% | -3.3% | 2.1% | 5.3% | -2.3% | |
| Korea | Export | -2.4% | -5.0% | -2.0% | -2.8% | -4.8% | 2.7% | 0.6% | 3.2% |
| Import | -10.0% | -2.4% | -2.6% | -4.4% | -7.5% | 4.1% | 3.2% | 5.3% | |
| Mexico | Export | -3.6% | -0.7% | 0.2% | -2.6% | -3.7% | 1.6% | 4.0% | 3.1% |
| Import | -3.3% | 1.2% | 1.4% | -3.0% | -2.8% | -0.4% | 3.9% | 1.3% | |
| Russia | Export | -9.5% | -7.2% | -13.6% | -4.6% | -12.9% | 3.5% | 5.1% | 7.6% |
| Import | -13.5% | -12.6% | -9.6% | -7.5% | 21.1% | -4.2% | -1.4% | -3.6% | |
| Saudi Arabia | Export | -17.3% | 0.5% | -17.0% | -3.3% | -7.6% | 5.5% | -11.1% | |
| Import | -0.4% | -4.1% | -2.9% | 10.3% | -16.0% | -12.2% | -11.2% | ||
| South Africa | Export | -7.0% | 1.9% | -5.3% | -9.0% | -8.1% | 15.1% | 0.4% | 1.7% |
| Import | -4.8% | -6.8% | -2.9% | -7.7% | -7.8% | 1.9% | 5.1% | 2.4% | |
| Turkey | Export | -4.7% | -2.9% | -2.8% | -0.4% | 0.0% | 5.1% | -1.8% | -0.1% |
| Import | -8.6% | -5.0% | -5.7% | -0.2% | 0.2% | 2.9% | -7.6% | 6.8% | |
| United Kingdom | Export | -6.9% | 3.6% | -3.2% | -2.8% | -4.3% | 3.0% | -5.3% | -0.1% |
| Import | -5.4% | -1.5% | -0.6% | -0.6% | -5.0% | 3.1% | -3.0% | -1.7% | |
| United States | Export | -6.0% | 0.2% | -1.7% | -3.3% | -3.2% | 1.7% | 4.4% | -0.8% |
| Import | -3.4% | -0.5% | -1.3% | -2.3% | -2.3% | 1.2% | 1.3% | 2.6% |
G20: 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 as the seasonally adjusted data of the individual economies.
