International trade improves again in second quarter of 2017

Industry News | | MIC Customs Solutions |

New OECD data has shown that international trade among G20 nations increased once again in the second quarter of 2017.

International merchandise trade among G20 nations increased for the fifth consecutive quarter during the second quarter of 2017.

The latest data from the Organisation for Economic Co-operation and Development (OECD) has shown that G20 exports were up by 1.4 per cent during the second quarter, while imports were up by 1.7 per cent.

These growth rates were down on the respective 3.4 per cent and 4.2 per cent upticks recorded during the first quarter, with G20 merchandise trade remaining around ten per cent lower than the highs seen in 2014.

Stronger performances were seen in European countries such as France, Germany, Italy, the UK and Turkey than in North America, where negligible growth was recorded by the US, while Mexico and Canada experienced slowdowns.

Many South American nations also saw a downturn in exports, with Asian nations such as China, Japan, India, South Korea and Indonesia seeing similar negative trends. Additionally, it was noted that Saudi Arabia and Russia saw their exports hit by a fall in oil prices.