G-20 international merchandise trade falls for the first time in 2 years in the third quarter

ANKARA, (UrduPoint/Pakistan Point News – Nov 22, 2022): G-20 international merchandise trade contracted for the first time in two years in the third quarter of 2022 due to a slowdown in global demand and from a drop in commodity prices, the Organization for Economic Co-operation and Development (OECD) said on Tuesday.

Measured in the USA dollars, exports and imports were down 1.3% and 1.1%, respectively, from the previous quarter.

“It is too early to draw concrete conclusions, but this latest development in G20 merchandise trade merits closer scrutiny as the global economy faces multiple headwinds, including monetary tightening, lower commodity prices raw materials and slowing demand,” said Paul Schreyer, OECD chief statistician. .

Fall oil prices compromised goods exports in North America in July-September, with the United States and Mexico slower growth than in previous quarters.

In the EU, goods exports and imports declined by 1.5% and 0.7%, respectively, in same period.

The OECD pointed out that merchandise trade remains weak in the East Asiadespite increasing sales of electronics and machinery.

from Japan exports fell 0.3% quarter-on-quarter and Korea’s fell 1% in three months to September. On the other hand, Chinese exports increased by 0.7% in same period.

G-20 services trade growth maintained its downward trend in the third quarter with exports and imports, up 0.3% and 1.7%, respectively, as the value of transportation services was reduced by lower shipping costs.