The Organisation for Economic Co-operation and Development (OECD) reports that G20 merchandise trade accelerated in the second quarter of 2026, boosted primarily by merchandise imports and services trade.

Measured in current US dollars, quarter-on-quarter import growth rose markedly to 6.7%, from the 5.2% growth recorded in the previous quarter, reflecting strong increases in a number of G20 economies.

In North America, merchandise import growth for the United States increased to 7.8% in Q2 2026, up from 6.0% in the previous quarter, partly reflecting higher purchases of computers and computer accessories, while export growth slowed to 3.9%, despite higher energy prices boosting exports in crude and petroleum. By contrast, Canada's exports surged by 13.5%, supported by energy products and motor vehicles, while import growth slowed. In Mexico, both exports and imports accelerated, with growth reaching 12.2%, and 7.7% respectively.

In East Asia, China's trade slowed markedly from the high growth for both exports and imports in Q1 2026 (13.4% and 16.9% respectively), but with Q2 2026 exports still growing by 4.7% and imports by 8.9%, both supported by mechanical and electrical products and high-technology goods. Japan's trade also slowed, despite higher petroleum imports. By contrast, Korea's imports surged by 11.6%, reflecting higher purchases of energy products and semiconductor equipment, while export growth continued to remain strong at 19.3%, supported by sales of semiconductors.

In Europe, higher purchases of energy products boosted import growth to 4.2%, 4.2% and 4.1% in Germany, France and Italy, respectively, while exports grew by 2.1%, 1.8% and 1.8%. In the United Kingdom, higher trade in machinery and transport equipment and in fuels explained a rebound in exports to 6.6% and in imports to 5.7%.

Merchandise trade also accelerated in India, where exports surged by 20.4%, with increases across the board, and imports rose by 8.7%, partly driven by purchases of petroleum and of electronic goods.

Source: OECD

 

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