The Organization for Economic Co-operation and Development (OECD) has reported that these countries G20 experienced a decline in international merchandise trade during the third quarter of this year, the first recorded decline in two years.
International organizations reported a general decline of 1.3% in merchandise exports and 1.1% in imports compared to the second quarter of 2022, and attributed this in part to reduced demand and reduced prices for many raw materials.
Trade suffered especially in Europe and Asia
The decline in exports in Europe caused Great Britain to grow 0.8%, and France grew 1%.
Meanwhile in the Asian continent, only China and Indonesia managed to increase their exports (0.5% and 0.7% respectively) compared to the decline in countries such as Japan or South Korea which followed the downward trend of the G20.
With regard to the Americas, Mexico and the United States recorded higher increases (2.6% and 1.7%, respectively) compared to the previous quarter.
In total, this decline represents 60.6 billion dollars less in merchandise exports compared to the second quarter of 2022 in the G20 as a whole, 27.6 billion dollars in the EU alone.
In this sense, OECD Chief Statistical Officer Paul Schreyer has stated that “these recent developments in merchandise trade deserve to be watched closely as the global economy faces multiple challenges, notably from tighter monetary policies, falling commodity prices, and sluggish demand.”
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