G20 merchandise trade declined in Q4 2024, as measured in current US dollars, with exports and imports falling by 0.6% and 1.0%, respectively, compared with Q3 2024. Preliminary estimates indicate a mixed picture for G20 trade in services,1 with exports increasing by 1.5% in Q4 2024 and imports remaining stable (Figures 1 and 2).
In 2024, G20 merchandise exports increased by 0.7% and imports decreased by 0.2%, compared with 2023. Preliminary estimates suggest that G20 services trade continued to expand in 2024, with both exports and imports growing by 8.5% and 7.4%, respectively.
In the United States, merchandise exports declined by 2.2% in Q4 2024, primarily due to reduced shipments of capital goods, including computers and aircraft. Meanwhile, imports rose by 0.7%, driven by increased purchases of industrial supplies, metals, and gold. In Canada, high sales of gold and other precious metals supported export growth (0.9%), while imports declined by 4%, mainly in motor vehicles and various metal products. Following strong growth in Q3 2024, exports in the European Union contracted by 2.6% in Q4 2024, with lower sales of automobile and parts weighing on exports growth for Germany, France, and Italy. Merchandise imports also fell (by 2.7%), partly reflecting weaker demand for pharmaceuticals and organic chemicals in Germany and reduced energy purchases in France. While China’s exports increased by 4.3%, supported by high sales of electronics, particularly mobile phones and computers, imports declined by 0.7%, mainly those of agricultural products, such as soybeans, as well as crude petroleum. India experienced strong growth in both imports and exports, with exports rising by 8.2%, driven by increased sales of electronic goods and ready-made garments.
Services exports rose by 2.6% in the United States in Q4 2024, with growth across most service categories, while imports grew by 3.4%, driven by higher payments for travel, insurance, and financial services. In contrast, weaker trade in other business services weighed on Canada’s exports and imports (-3.9% and -2.4%, respectively). Services trade showed a marked slowdown across the European Union, with exports contracting by 4.9% in France, 2.3% in Italy, and 1.5% in Germany in Q4 2024. In the United Kingdom, services exports remained stable, with growth in other business services offsetting a decline in intellectual property revenues, while imports rose due to increased travel payments. In Asia, Japan recorded a strong rise in services exports (4.7%), driven by higher research and development revenues, while imports declined by 3.3%, reflecting reduced expenditure on insurance and other business services. China’s services exports surged by 7.1%, fuelled by rising travel and ICT service revenues, while imports declined slightly. India saw robust growth in both services exports and imports, each rising by 7.4%. Brazil’s exports increased by 2.7%, reflecting higher revenues from travel and ICT services while imports fell markedly.
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