G20 merchandise trade growth picks up in Q4 2016

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FOTO: SOStenible

G20 economies’ international merchandise trade, seasonally adjusted and expressed in current US dollars, grew for the third straight quarter in the fourth quarter of 2016. Export growth picked up strongly to 1.5%, compared with 0.3% in the previous quarter. Imports increased by 0.8%, marginally up on last quarter’s 0.7% growth. However, merchandise trade still remains around 10% below its pre-crisis levels.

Exports in the fourth quarter of 2016 grew significantly on the back of rising commodity prices in Indonesia (by 12.9%), Australia (12.4%) and Russia (7.6%). Exports also increased strongly in Argentina (4.1%), India (3.4%), Korea (3.2%) and Mexico (3.1%).

Exports contracted in six G20 economies: Germany (by 1.3%), Japan (0.8%), the United States (0.8%), Italy (0.7%) and, albeit marginally, in Turkey and the United Kingdom.

Imports in the fourth quarter of 2016 grew by over 5% in India, Turkey, Argentina, Indonesia and Korea. Significant falls occurred in Canada (4.5%), Russia (3.6%) and Japan (2.3%) and, to a lesser extent, in France, Germany and the United Kingdom; partly mirroring falls in the value of the euro and sterling. Imports grew in Italy, for the third consecutive quarter, but at a slower pace.

In China, exports picked up moderately, by 0.9%, the first growth since the third quarter of 2015, but robust import growth (3.6%) pushed China’s trade surplus down to its lowest level since the third quarter of 2014.

G20 total international merchandise trade

Seasonally adjusted, current prices and US$ billion

Values Percentage variations

 

G20 total international merchandise trade

Seasonally adjusted, current prices and US$ billion

Quarters 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
G20 Export 3482.5 3277.1 3212.9 3154.2 3091.6 3031.7 3089.7 3097.6 3143.2
Import 3488.2 3246.3 3203.8 3157.4 3076.8 3000.8 3066.1 3088.9 3112.9
Argentina Export 16.0 14.2 14.6 14.6 13.1 14.6 13.7 14.4 15.0
Import 14.6 14.7 15.5 15.4 14.1 14.4 13.9 13.3 14.2
Australia Export 55.0 52.2 47.0 46.1 43.1 42.6 45.2 47.8 53.7
Import 53.1 51.3 52.5 49.0 47.9 46.5 47.0 47.7 47.7
Brazil Export 50.9 49.4 49.3 46.2 46.2 45.5 47.5 45.3 46.0
Import 53.9 51.7 44.1 39.7 36.5 34.3 34.6 34.5 34.4
Canada Export 117.8 104.7 104.7 103.2 97.7 94.9 95.2 99.0 100.7
Import 115.3 106.9 108.6 104.0 100.6 97.5 102.5 103.6 98.9
China Export 593.3 612.6 561.4 561.9 558.0 544.4 536.3 526.2 531.2
Import 469.8 437.5 424.4 415.5 404.3 375.2 395.7 396.3 410.6
EU 28 Export 1470.8 1342.6 1357.7 1340.9 1325.9 1318.4 1349.2 1338.3 1339.8
Import 1421.4 1312.5 1315.0 1308.3 1289.6 1284.9 1317.4 1320.2 1297.4
France Export 139.2 127.0 128.8 125.3 124.3 124.5 125.7 124.7 125.2
Import 157.5 143.5 144.9 142.5 142.3 141.8 141.3 145.1 143.5
Germany Export 356.9 326.6 330.6 330.2 324.3 327.1 334.8 331.1 326.9
Import 283.2 260.6 261.3 264.0 257.1 259.1 261.6 262.4 260.9
India Export 80.0 68.6 67.5 66.8 64.5 63.1 66.7 66.2 68.4
Import 116.0 99.6 98.7 100.8 93.5 86.4 84.6 88.5 99.7
Indonesia Export 42.3 40.6 39.4 36.4 34.1 35.0 36.0 34.5 38.9
Import 42.2 38.5 36.7 34.6 33.6 32.8 33.7 33.7 36.0
Italy Export 127.0 115.1 114.8 112.6 112.3 113.0 116.5 117.4 116.6
Import 111.6 103.3 105.0 101.7 99.7 99.0 101.5 102.3 102.8
Japan Export 169.7 162.1 155.6 155.6 151.8 151.8 158.6 166.5 165.2
Import 187.6 170.5 162.7 163.5 151.3 146.2 149.3 157.2 153.7
Korea Export 143.2 139.9 132.8 130.2 126.5 120.5 123.7 124.4 128.4
Import 126.6 113.9 111.2 108.3 103.5 95.8 99.8 102.9 108.4
Mexico Export 99.8 96.2 95.6 95.7 93.3 89.8 91.2 94.8 97.8
Import 101.4 98.0 99.2 100.6 97.6 94.9 94.5 98.2 99.5
Russia Export 108.5 98.2 91.1 78.7 75.0 65.4 67.7 71.1 76.6
Import 65.6 56.8 49.6 44.8 41.4 50.2 48.1 47.4 45.7
Saudi Arabia Export 67.0 55.5 55.7 46.3 44.8 41.4 43.6 38.8
Import 44.7 44.6 42.7 41.5 45.8 38.5 33.8 30.0
South Africa Export 22.7 21.1 21.5 20.4 18.5 17.0 19.6 19.7 20.0
Import 24.5 23.3 21.7 21.1 19.5 18.0 18.3 19.2 19.7
Turkey Export 39.7 37.8 36.7 35.7 35.6 35.6 37.4 36.7 36.7
Import 60.6 55.4 52.6 49.6 49.5 49.6 51.1 47.2 50.4
United Kingdom Export 114.2 106.4 110.2 106.7 103.8 99.3 102.3 96.9 96.8
Import 163.8 154.9 152.5 151.6 150.8 143.3 147.7 143.3 140.8
United States Export 405.8 381.4 382.1 375.7 363.5 352.0 358.0 373.8 370.8
Import 590.9 571.1 568.4 560.8 548.0 535.6 541.8 548.6 562.9

G20 total international merchandise trade

Percentage variations

Quarters 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4
G20 Export -5.9% -2.0% -1.8% -2.0% -1.9% 1.9% 0.3% 1.5%
Import -6.9% -1.3% -1.4% -2.6% -2.5% 2.2% 0.7% 0.8%
Argentina Export -11.0% 2.9% -0.3% -10.2% 11.7% -6.1% 5.3% 4.1%
Import 0.3% 5.5% -0.7% -8.3% 2.2% -3.6% -4.3% 6.7%
Australia Export -5.2% -9.9% -2.0% -6.5% -1.2% 6.3% 5.7% 12.4%
Import -3.3% 2.4% -6.7% -2.3% -3.0% 1.1% 1.5% -0.1%
Brazil Export -3.0% -0.3% -6.2% 0.1% -1.5% 4.4% -4.7% 1.5%
Import -4.1% -14.6% -10.2% -7.8% -6.2% 1.1% -0.4% -0.3%
Canada Export -11.1% 0.0% -1.4% -5.4% -2.9% 0.4% 3.9% 1.7%
Import -7.3% 1.6% -4.2% -3.3% -3.1% 5.2% 1.1% -4.5%
China Export 3.2% -8.4% 0.1% -0.7% -2.4% -1.5% -1.9% 0.9%
Import -6.9% -3.0% -2.1% -2.7% -7.2% 5.5% 0.2% 3.6%
EU 28 Export -8.7% 1.1% -1.2% -1.1% -0.6% 2.3% -0.8% 0.1%
Import -7.7% 0.2% -0.5% -1.4% -0.4% 2.5% 0.2% -1.7%
France Export -8.8% 1.4% -2.7% -0.8% 0.1% 1.0% -0.8% 0.4%
Import -8.9% 1.0% -1.6% -0.2% -0.3% -0.4% 2.7% -1.1%
Germany Export -8.5% 1.2% -0.1% -1.8% 0.9% 2.3% -1.1% -1.3%
Import -8.0% 0.2% 1.1% -2.6% 0.8% 1.0% 0.3% -0.6%
India Export -14.3% -1.6% -1.1% -3.4% -2.3% 5.7% -0.7% 3.4%
Import -14.2% -0.8% 2.1% -7.2% -7.6% -2.1% 4.6% 12.7%
Indonesia Export -4.0% -3.1% -7.5% -6.3% 2.5% 3.0% -4.2% 12.9%
Import -8.6% -4.8% -5.6% -2.9% -2.5% 2.9% 0.1% 6.5%
Italy Export -9.4% -0.3% -1.9% -0.2% 0.6% 3.1% 0.8% -0.7%
Import -7.4% 1.7% -3.2% -2.0% -0.7% 2.5% 0.9% 0.4%
Japan Export -4.5% -4.0% 0.0% -2.4% 0.0% 4.5% 5.0% -0.8%
Import -9.1% -4.6% 0.5% -7.5% -3.3% 2.1% 5.3% -2.3%
Korea Export -2.4% -5.0% -2.0% -2.8% -4.8% 2.7% 0.6% 3.2%
Import -10.0% -2.4% -2.6% -4.4% -7.5% 4.1% 3.2% 5.3%
Mexico Export -3.6% -0.7% 0.2% -2.6% -3.7% 1.6% 4.0% 3.1%
Import -3.3% 1.2% 1.4% -3.0% -2.8% -0.4% 3.9% 1.3%
Russia Export -9.5% -7.2% -13.6% -4.6% -12.9% 3.5% 5.1% 7.6%
Import -13.5% -12.6% -9.6% -7.5% 21.1% -4.2% -1.4% -3.6%
Saudi Arabia Export -17.3% 0.5% -17.0% -3.3% -7.6% 5.5% -11.1%
Import -0.4% -4.1% -2.9% 10.3% -16.0% -12.2% -11.2%
South Africa Export -7.0% 1.9% -5.3% -9.0% -8.1% 15.1% 0.4% 1.7%
Import -4.8% -6.8% -2.9% -7.7% -7.8% 1.9% 5.1% 2.4%
Turkey Export -4.7% -2.9% -2.8% -0.4% 0.0% 5.1% -1.8% -0.1%
Import -8.6% -5.0% -5.7% -0.2% 0.2% 2.9% -7.6% 6.8%
United Kingdom Export -6.9% 3.6% -3.2% -2.8% -4.3% 3.0% -5.3% -0.1%
Import -5.4% -1.5% -0.6% -0.6% -5.0% 3.1% -3.0% -1.7%
United States Export -6.0% 0.2% -1.7% -3.3% -3.2% 1.7% 4.4% -0.8%
Import -3.4% -0.5% -1.3% -2.3% -2.3% 1.2% 1.3% 2.6%

G20: 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 as the seasonally adjusted data of the individual economies.

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