G20 international merchandise trade growth remains weak in first quarter 2019
Growth in G20 international merchandise trade, seasonally adjusted and expressed in current US dollars, remained weak in the first quarter of 2019. G20 exports rose marginally by 0.4% quarter‑on‑quarter while imports fell by 1.2%. Compared to the third quarter of 2018, when the first round of new tariff measures affecting US-China trade came into effect, G20 exports are down by 0.8% and imports by 2.7%.
Imports contracted in the United States (by minus 1.9%) in the first quarter of 2019, with US imports from China falling by 12% (according to preliminary data), the largest fall on record. Imports also continued to contract in China (by minus 0.5%, following the previous quarter’s contraction of minus 6.0%). Although exports were up 3.9% in China and 0.7% in the United States, they remain below recent highs.
Through closely integrated supply chains, international trade in other Asian economies has also been impacted by rising US-China trade tensions, as have exchange rates with the US dollar, with exports and imports contracting significantly in Indonesia (minus 4.3% and minus 15.3% respectively), Japan (minus 2.3% and minus 4.7%) and Korea (minus 7.1% and minus 7.7%). Non‑G20 economies in the region also experienced significant falls in trade.
In other G20 economies, only the United Kingdom recorded strong growth in exports (6.2%) and imports (5.0%) in part reflecting firm’s stockpiling and increasing international trade activity due to Brexit uncertainty.
In the remaining G20 economies, exports grew moderately in Australia (1.1%), Mexico (1.1%), the EU 28 (1.0%), Germany (0.9%), India (0.8%) and France (0.7%) and imports grew strongly in Turkey (5.3%) and Russia (3.5%).
G20 total international merchandise trade
Seasonally adjusted, in current prices and US$ billion
Values
Percentage variations
G20 total international merchandise trade
Seasonally adjusted, current prices and US$ billion
Quarters
2017 Q1
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
G20
Export
3273.7
3322.2
3466.3
3578.8
3775.0
3742.5
3742.8
3697.1
3712.6
Import
3274.2
3356.5
3501.6
3627.4
3813.4
3796.1
3813.9
3756.9
3712.3
Argentina
Export
14.6
14.2
14.9
14.9
16.4
14.3
14.6
16.2
16.0
Import
15.3
16.2
17.0
18.4
18.6
17.2
15.9
13.7
13.6
Australia
Export
58.6
56.5
58.8
57.3
63.6
64.2
64.0
65.2
66.0
Import
50.2
53.4
63.6
54.2
58.2
58.3
55.0
55.4
55.3
Brazil
Export
55.4
54.7
54.2
54.1
60.1
57.0
60.2
62.6
58.6
Import
36.1
36.0
39.3
39.8
42.3
42.1
50.9
45.2
42.4
Canada
Export
104.1
105.7
103.3
107.7
110.1
115.3
115.2
110.1
107.6
Import
104.3
107.1
109.5
111.8
114.9
117.0
115.0
113.0
114.6
China
Export
559.6
560.8
563.0
591.5
650.5
619.0
626.8
618.6
642.5
Import
454.8
451.3
461.2
492.2
533.9
539.8
551.5
518.6
515.8
EU 28
Export
1379.3
1425.1
1534.1
1581.6
1655.1
1624.3
1610.0
1583.1
1598.6
Import
1352.5
1403.0
1507.6
1553.3
1629.6
1605.1
1596.1
1581.7
1583.1
France
Export
122.2
130.6
139.8
144.3
148.1
145.3
143.6
145.1
146.2
Import
145.4
149.1
161.9
164.3
171.6
171.0
166.5
164.0
166.7
Germany
Export
335.8
349.1
377.3
385.1
402.1
395.7
384.5
378.4
381.8
Import
268.9
282.0
300.8
308.6
325.4
322.8
321.7
314.7
315.0
India
Export
74.1
71.9
74.3
78.7
78.6
82.3
81.8
82.4
83.0
Import
108.3
113.6
108.9
118.9
123.9
127.9
133.4
128.5
123.3
Indonesia
Export
40.3
40.8
43.3
44.3
44.8
45.1
45.4
44.1
42.2
Import
36.9
37.6
40.2
43.1
44.6
46.8
48.6
48.9
41.4
Italy
Export
117.5
122.7
132.6
135.9
140.4
137.9
135.4
134.3
133.9
Import
105.9
110.2
117.6
121.1
127.0
125.6
125.2
124.5
121.0
Japan
Export
169.2
171.7
177.8
179.8
186.2
187.9
183.3
181.2
177.1
Import
162.2
169.1
168.2
173.1
185.5
184.7
187.1
190.0
181.0
Korea
Export
137.1
144.6
152.8
139.5
150.8
149.2
155.5
149.2
138.6
Import
117.4
118.1
122.9
121.2
133.7
133.6
132.4
135.7
125.2
Mexico
Export
99.5
100.8
102.2
107.4
111.3
111.5
114.2
113.3
114.6
Import
101.7
103.1
106.1
110.1
113.5
115.4
117.7
117.1
116.0
Russia
Export
86.8
84.3
86.5
95.6
107.0
109.5
113.2
113.2
108.2
Import
54.7
58.7
61.3
63.2
64.8
63.2
60.7
60.9
63.0
Saudi Arabia
Export
57.9
49.2
52.4
62.3
67.4
73.6
77.5
76.1
Import
33.7
32.8
33.6
34.2
33.3
34.5
34.4
32.9
South Africa
Export
21.6
22.2
22.1
23.1
24.1
23.7
23.3
23.0
22.6
Import
20.3
21.3
20.4
21.2
24.5
23.3
23.1
22.2
21.9
Turkey
Export
36.3
38.7
40.4
41.2
42.0
40.6
39.9
44.7
43.8
Import
51.4
57.4
61.7
63.0
64.4
59.6
48.0
49.3
52.0
United Kingdom
Export
100.4
103.7
108.2
111.4
117.4
111.5
113.5
109.3
116.1
Import
144.6
147.7
154.3
157.7
164.5
158.7
158.6
160.8
168.8
United States
Export
379.3
380.9
386.2
399.9
407.0
425.0
417.8
414.1
417.0
Import
574.4
577.7
580.0
609.8
627.6
627.5
643.9
643.6
631.2
G20 total international merchandise trade
Percentage variations
Quarters
2017 Q2
2017 Q3
2017 Q4
2018 Q1
2018 Q2
2018 Q3
2018 Q4
2019 Q1
G20
Export
1.5%
4.3%
3.2%
5.5%
-0.9%
0.0%
-1.2%
0.4%
Import
2.5%
4.3%
3.6%
5.1%
-0.5%
0.5%
-1.5%
-1.2%
Argentina
Export
-2.7%
4.3%
0.1%
10.4%
-12.8%
2.1%
11.0%
-1.3%
Import
5.3%
5.3%
8.1%
1.3%
-7.6%
-7.8%
-14.0%
-0.7%
Australia
Export
-3.6%
3.9%
-2.4%
11.0%
0.9%
-0.2%
1.9%
1.1%
Import
6.4%
18.9%
-14.8%
7.5%
0.1%
-5.6%
0.6%
-0.1%
Brazil
Export
-1.2%
-0.9%
-0.3%
11.2%
-5.2%
5.7%
3.9%
-6.4%
Import
-0.1%
9.3%
1.0%
6.4%
-0.5%
20.9%
-11.2%
-6.4%
Canada
Export
1.5%
-2.2%
4.3%
2.2%
4.7%
0.0%
-4.5%
-2.3%
Import
2.7%
2.3%
2.1%
2.7%
1.8%
-1.7%
-1.7%
1.4%
China
Export
0.2%
0.4%
5.1%
10.0%
-4.8%
1.3%
-1.3%
3.9%
Import
-0.8%
2.2%
6.7%
8.5%
1.1%
2.2%
-6.0%
-0.5%
EU 28
Export
3.3%
7.6%
3.1%
4.6%
-1.9%
-0.9%
-1.7%
1.0%
Import
3.7%
7.5%
3.0%
4.9%
-1.5%
-0.6%
-0.9%
0.1%
France
Export
6.9%
7.1%
3.2%
2.7%
-1.9%
-1.2%
1.1%
0.7%
Import
2.5%
8.6%
1.5%
4.4%
-0.3%
-2.6%
-1.5%
1.7%
Germany
Export
4.0%
8.1%
2.1%
4.4%
-1.6%
-2.8%
-1.6%
0.9%
Import
4.9%
6.7%
2.6%
5.4%
-0.8%
-0.3%
-2.2%
0.1%
India
Export
-2.9%
3.4%
5.8%
-0.1%
4.8%
-0.6%
0.7%
0.8%
Import
4.9%
-4.2%
9.2%
4.1%
3.3%
4.3%
-3.7%
-4.0%
Indonesia
Export
1.3%
6.0%
2.4%
1.1%
0.6%
0.8%
-3.0%
-4.3%
Import
2.0%
6.9%
7.1%
3.7%
4.8%
3.9%
0.7%
-15.3%
Italy
Export
4.4%
8.1%
2.5%
3.3%
-1.8%
-1.8%
-0.8%
-0.3%
Import
4.1%
6.7%
3.0%
4.9%
-1.1%
-0.3%
-0.6%
-2.8%
Japan
Export
1.5%
3.5%
1.1%
3.5%
1.0%
-2.5%
-1.1%
-2.3%
Import
4.2%
-0.5%
2.9%
7.2%
-0.5%
1.4%
1.5%
-4.7%
Korea
Export
5.4%
5.7%
-8.7%
8.1%
-1.0%
4.2%
-4.0%
-7.1%
Import
0.6%
4.0%
-1.4%
10.4%
-0.1%
-0.9%
2.4%
-7.7%
Mexico
Export
1.4%
1.4%
5.0%
3.7%
0.1%
2.5%
-0.8%
1.1%
Import
1.4%
2.9%
3.7%
3.2%
1.7%
2.0%
-0.5%
-1.0%
Russia
Export
-2.8%
2.6%
10.4%
11.9%
2.4%
3.3%
0.0%
-4.4%
Import
7.3%
4.4%
3.1%
2.6%
-2.4%
-4.0%
0.3%
3.5%
Saudi Arabia
Export
-15.1%
6.5%
19.0%
8.2%
9.1%
5.3%
-1.8%
Import
-2.8%
2.6%
1.8%
-2.7%
3.7%
-0.5%
-4.3%
South Africa
Export
2.9%
-0.4%
4.1%
4.4%
-1.6%
-1.5%
-1.3%
-1.9%
Import
5.2%
-4.2%
3.8%
15.6%
-5.0%
-0.9%
-3.8%
-1.5%
Turkey
Export
6.5%
4.4%
2.0%
2.1%
-3.4%
-1.7%
11.9%
-2.0%
Import
11.7%
7.4%
2.2%
2.1%
-7.4%
-19.5%
2.8%
5.3%
United Kingdom
Export
3.3%
4.3%
3.0%
5.3%
-5.0%
1.8%
-3.6%
6.2%
Import
2.1%
4.5%
2.2%
4.3%
-3.5%
-0.1%
1.4%
5.0%
United States
Export
0.4%
1.4%
3.6%
1.8%
4.4%
-1.7%
-0.9%
0.7%
Import
0.6%
0.4%
5.1%
2.9%
0.0%
2.6%
0.0%
-1.9%
G20 economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
The G20 aggregate is derived from the seasonally adjusted data of the individual economies.
