Foreign merchandise trade of the G20 countries fell during the third quarter of 2022 for the first time in two years, the Organization for Economic Cooperation and Development (OECD) reported in a statement on Tuesday.
The international organization reports a general drop of 1.3% in merchandise exports and 1.1% in imports compared to the second quarter, which is partly attributed to the decline in demand and the fall in the prices of many raw materials.
The decline in exports is slightly higher in the European Union (EU) as a whole, with 1.5% less sales abroad and an increase of 0.7% in imports.
The drop in exports in Europe is spared by the United Kingdom, with growth of 0.8%, and France, with 1%.
On the Asian continent, only China and Indonesia manage to increase their exports (0.7% and 0.5% respectively), while countries like Japan and South Korea follow the downward trend of the G20.
In America, Mexico and the United States registered even higher increases (2.6% and 1.7%) compared to the previous quarter.
In total, this decline represents US$60.6 billion less in merchandise exports compared to the second quarter of 2022 in the G20 as a whole, US$27.6 billion in the EU alone.
“These latest developments in merchandise trade deserve to be closely watched as the global economy faces multiple headwinds, especially tightening monetary policy, falling commodity prices and slowing demand,” said the president. OECD Chief Statistical Officer Paul Schreyer.
On the other hand, growth in trade in services slows down in the G20: exports rise 0.3% and imports 1.7%, increases lower than those of the previous quarter (1.3% and 2.3% respectively).
This slowing trend was especially pronounced in France, which registered its first decline in exports (-1.6%) since the second quarter of 2020, in the midst of the pandemic.