G20 international merchandise trade accelerated at its fastest pace in two years during the first quarter of 2018, according to a new report.

Seasonally-adjusted data from the Organisation for Economic Co-operation and Development (OECD) has revealed that trade among G20 nations increased for the eighth consecutive quarter in the opening three months of the year, with exports up by 5.3 per cent and imports rising by 5.8 per cent.

Double-digit percentage growth in exports was observed in Brazil (13.4 per cent), Russia (12.8 per cent), Argentina (12.7 per cent) and Australia (11.3 per cent), with China and South Korea also performing strongly.

Exports growth was more moderate in G7 economies such as the UK, Germany, Italy, France and US, while contractions were seen in India, Indonesia and Turkey. 

The report also showed that all G20 economies recorded positive import growth during the first quarter, with the highest growth occurring in China (13.7 per cent), South Africa (13.5 per cent), South Korea (10.8 per cent) and Brazil (7.8 per cent).