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27 November 2021 The on-line newspaper devoted to the world of transports 20:59 GMT+1

November 23, 2021

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In the third quarter, the recovery in trade of G20 nations

It has been driven by the development of services while the trade in goods has decelered

The recovery continued in the third quarter of this year the international trade of the G20 nations, growth which, however, has been driven by the development of services while trade in goods has slowed down. This was announced today by the Organization for Cooperation and the Economic Development (OECD) specifying that in the last quarter July-September the increase in G20 freight traffic in terms in value marked a sharp deceleration despite although the levels remain at all-time highs, partly reflecting the high commodity prices. The OECD has specified that, instead, increases in shipping costs and the resumption of travel have stimulated faster growth in trade in services, with exports approaching 2019 levels.

In particular, in the third quarter of 2021 exports and imports of G20 goods, measured in current dollars seasonally adjusted, they increased by +0.9% and +0.4% compared to the previous quarter and this represents a marked slowdown compared to the first half of the year when rising commodity prices had increased the value of the goods traded. The OECD explained that in the third quarter of this year the sustained demand for electronics and the high energy prices continued to play a role, while semiconductor supply chains excessively tense have weighed on the trade in vehicles and components.

In addition, in the third quarter of this year the growth of exports and imports of services for the G20, always measured in seasonally adjusted dollars, it is estimated at around +5.1% and +5.8% compared to the previous quarter. Estimates preliminaries compare with lower rates of +3.1% and +4.8% recorded in the second quarter of 2021 for exports and Import. The OECD has found that, with the shipping costs they have peaked towards the end of the quarter, in the period July-September the value of trade in transport services is continued to rise, while a temporary improvement in the health situation related to the Covid-19 pandemic gave boost to travel, particularly in Europe.

Relatively to Europe, in the third quarter the trade in goods is decreased compared to the previous quarter. Exports have contracted by -0.5% in the European Union, with a drop in shipments of machinery and vehicles that particularly affected Germany (-1.9%) and Italy (-1.5%). In contrast, the French exports recorded a slight increase (+1.0%). To with the exception of Germany (-2.2%), imports of goods are increased moderately across the region (+0.4% for the EU in its together, +2.0% for Italy and +1.7% for France). After double-digit expansion in the second quarter, exports are decreased by -4.5% in the United Kingdom, partly reflecting the lower shipments of pharmaceuticals compared to the second quarter.

Also in Europe, in the third quarter the trade in services is was stimulated by a solid recovery in travel as the improvement in the health situation has led to greater mobility within the region. The revenue generated by travel increased by +53.4% in France, representing the most of the total increase in exports (+6.4%). In Germany's exports of services also recorded a strong recovery (+1.5%), with imports increasing by +17.8% due to the dizzying increase in travel purchases (+160.5%). All the time Driven by travel, Turkish exports increased by +8.0%, while transport and business services contributed the surge in imports (+20.1%). In the United Kingdom, financial services explain most of the increase in total exports (+1.5%), while imports decreased by -1.9%.

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