G20 international trade in goods recovered in May, June – Cayman Compass

After April merchandise trade suffered the greatest collapse since the 2008 global financial crisis, merchandise exports and imports of most G20 countries recovered in May and June and, where data is available, improved further in July.

In the second quarter of 2020, G20 exports fell by 17.7% and imports by 16.7%, the OECD reported.

However, the easing of COVID-19-containment measures led to a partial recovery in almost all G20 countries in the following months.

China was the only G20 economy to record export growth in the second quarter of 2020 (up 9.1%), following a 9.3% fall in the first quarter. Chinese imports, however, continued to fall, by 4.9%.

Australia registered only single-digit falls in both exports (down by 4.4%) and imports (down by 5.6%).

In Japan, exports fell by 15.2% and imports by 4.6%.

India and Indonesia saw the sharpest fall in trade, with exports down by 30.1% and 15.9%, respectively, and imports lower by 47.4% and 18.5%.

Trade also fell strongly in North America and Europe.

Canada experienced a 27.7% decline of exports and 25.5% drop in imports, while merchandise exports and imports declined by 28.2% and 14.5%, respectively, in the US