International merchandise trade among G20 nations gained momentum during the fourth quarter of 2016, according to the latest data from the Organisation for Economic Co-operation and Development (OECD).
The body's international trade statistics for the final three months of last year demonstrated continued growth for the third consecutive quarter, with export growth rising to 1.5 per cent - compared with 0.3 per cent in Q3 - while imports increased by 0.8 per cent, up from 0.7 per cent in the preceding three months.
Rising commodity prices in Indonesia, Australia and Russia were cited as a key driver of export growth, with countries such as Argentina, India, Korea and Mexico also seeing an expansion of their overseas sales.
Imports, meanwhile, grew by more than five per cent in India, Turkey, Argentina, Indonesia and Korea, while import growth outpaced exports in China, reducing its trade surplus to its lowest level since Q3 2014.
However, the OECD noted that merchandise trade still remains around ten per cent below its pre-economic crisis levels, with leading nations such as Germany, Japan, the US, Italy and the UK all seeing a drop in exports during Q4.