The value of trade in goods fell in the G-20 (the group of the world’s 20 largest economies) in the third quarter of the year. This is the first time in two years that this indicator has decreased, notes a statement by the Organization for Economic Co-operation and Development (OECD).
In current US dollar terms, exports and imports contracted by 1.3% and 1.1%, respectively, as global demand began to slow and most commodity prices retreated from their peaks.
This trend was exacerbated by lower oil prices, which was particularly evident in commodity exports in North America, where the United States and Mexico are still growing, but at a slower rate than in previous quarters.
The OECD also notes that exports and imports fell in the European Union, only imports fell in the UK, but it was a sharp decline (nearly 10%). In East Asia, exports fell in Japan and Korea, but recovered in China.
The OECD statistics official said: “It is too early to draw any concrete conclusions, but this latest development in G20 merchandise trade deserves closer monitoring as the global economy faces multiple challenges, including tightening monetary policy, lower commodity prices, and an economic slowdown.” . the demand”. Paul Schreyer, quoted in Memo.
The OECD also points to trade in services, which slowed in the G20 in the period under review. According to the note, it is estimated that “the growth of exports has stabilized at 0.3% and imports have grown by 1.7%,” compared to the highest rates recorded in the second quarter of 2022 (1.3% and 2.3%, respectively).
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