Independent journal on economy and transport policy
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TRADE
In the second quarter, the growth of G20 goods exports flattened
The value of imports increased and the import-export of services also increased
Parigi
August 23, 2024
The Organization for Economic Co-operation and Development
(OECD) announced today that the growth in exports of goods
from the G20 nations flattened out in the second quarter
of this year, having totaled a value of 4,584.2 billion
dollars (0.0%), after the +1.7% increase on monthly basis recorded
in the previous quarter. The OECD explained that the slowdown is
largely determined by a decrease in
exports from the European Union (1,773.0 billion, -0.9%), while
imports of G20 goods, with a total value of 4,596.8
billion, grew by +1.2% after seven consecutive quarters
negative growth and were mainly driven by
substantial imports to the United States (+2.6%) and the United Kingdom
(+8,3%).
The OECD specified that in the second quarter of 2024 the
Growth compared to the previous quarter in exports of
was stagnant for the United States, partly due to
due to the decrease in exports of supplies and materials
Industrial. Canadian exports declined, mainly
in the motor vehicle and minerals sectors. On the other hand, the
North American imports increased, especially relatively
capital goods such as electrical equipment. The
EU exports decreased by -0.9%, reflecting
mainly developments in Germany which saw a reduction in
of sales of chemicals and other manufactured goods.
The European Union has recorded positive growth in
imports (+0.2%) for the first time since the second quarter of 2015
2022. The United Kingdom saw exports decrease by -2.0% and
imports increased by +8.3% driven by machinery and
transport equipment. In East Asia, exports of
goods have grown consistently in China and Korea,
driven by strong sales of automobiles, semiconductors and
high-tech equipment. On the contrary, exports
declined by -2.1% for Japan, partly due to the
closure of a major automotive plant and
of the weakening yen. After a negative growth in
imports in the first quarter of 2024, imports into China,
Korea and Japan rebounded in the second quarter.
In addition, it is estimated that in the second quarter of 2024 growth
of G20 exports and imports of services has
slowed down to +1.9% and +1.1% compared to the increases
of +3.4% and +3.7% recorded in the first quarter of 2024.
In the second quarter of this year, exports of services
grew by +1.4% in the United States and was driven by
mainly from higher revenues from information and marketing services.
communication technology and other business services, while
imports of services increased by +1.5%. On the contrary, in
Canada exports and imports of services have declined
-0.4% and -1.8% respectively. In Germany, travel has
growth in trade in services and for the
and exports, the latter reflecting
likely a sharp increase in travel revenue
after the European Football Championship. On the contrary, exports
and imports of services contracted in France. The Kingdom
United Kingdom recorded moderate export growth
(+2.3%), while imports increased by +2.8%, in the wake of
high expenditure on other business services and
intellectual property. In Japan exports of
increased by +1.6%, mainly driven by high
revenues from transport and other business services, while
Imports have flattened. In Korea, exports of
services increased sharply, fuelled by transport (freight
in particular), travel and ICT services, while imports are
moderately increased. In India, trade in services is
increased, with exports and imports growing
respectively by +4.4% and +6.2%. In China, the easing of
Visa requirements increased travel and total exports
of services (up +4.0%), while imports were
decreased by -2.7% due to lower purchases of
transport and ICT.
With regard to Italy, in the second quarter of 2024 the
value of exports of goods, amounting to 167.8 billion
dollars, marked a decline of -1.2% on the previous quarter and the
value of imports of goods, amounting to 151.8 billion,
recorded a quarterly decrease of -0.8%. Growing,
on the other hand, exports and imports of services, with their respective
values stood at €40.3 billion (+3.4%) and €40.9 billion
dollars (+0.6%).
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