The Organisation for Economic Co-operation and Development (OECD) reports that G20 merchandise trade delivered mixed results in the second quarter of 2025, compared with the first quarter.
While exports grew by 2.6%, imports remained broadly unchanged. This was largely due to the sharp contraction in imports into the United States following the earlier surge in imports in the first quarter.
In the United States, merchandise exports increased by 2.7%, supported by higher sales of finished metal shapes and non-monetary gold. However, imports to the US fell sharply, by 18.4%, reflecting a decline in purchases of industrial supplies. This follows the 18.9% increase in imports experienced in Q1 2025.
Weaker oil prices weighed on exports from Canada, which contracted by 9.7%, while imports were broadly unchanged.
By contrast, merchandise trade recorded solid growth across most of Asia and Europe.
China's exports and imports rose by 2.5% and 4.7%, respectively, boosted by semiconductors and high-tech products. Similarly, Korea's exports expanded by 7.1%, driven by semiconductors and high-bandwidth memory chips.
In the European Union, exports and imports grew by 4.7% and 6.3%, respectively, with exports increasing by 7.4% in Germany, 6.0% in France, and 5.9% in Italy. The United Kingdom recorded a 1.3% rise in exports, while imports surged by 8.5% due to stronger purchases of pharmaceuticals and automobiles.
Conversely, exports decreased in Argentina and Brazil (minus 3.6% for both). Australia's exports increased by 1.8%, mainly in metallic ores and scrap metals, while imports surged by 9.3%.
Source: OECD