The merchandise export growth in the G20 countries (which account for about 80% of the world's GDP) flattened in Q2-2024, as measured in current US dollars, following a rise in the previous quarter, OECD preliminary estimates showed recently.

 

This slowdown was largely driven by a decrease in exports from the European Union, stated the report.

 

G20 merchandise imports grew by 1.2% after seven consecutive quarters of negative growth, mainly driven by strong imports in the United States and the United Kingdom.

 

G20 exports and imports growth of services are estimated to have slowed to 1.9% and 1.1% in Q2 2024, from the 3.4% and 3.7% increases recorded in Q1 2024.

 

Merchandise export growth stagnated for the United States in Q2 2024, partly due to decreases in exports of industrial supplies and materials. The European Union recorded positive import growth (0.2 percent) for the first time since Q2 2022.

 

Service exports grew by 1.4% in Q2 2024 in the United States, mainly driven by higher revenues from ICT and other business services, while services imports rose by 1.5%.