OECD: G20 merchandise trade expands in Q1, despite war

G20 merchandise trade expanded strongly in the first quarter of 2026, despite war-related disruptions in the Middle East, according to a report from the Organization for Economic Co-operation and Development (OECD) published this Tuesday (26).

According to the document, both exports and imports increased 5.3% compared to the fourth quarter of 2025, in current dollars, driven in part by trade in semiconductors and other high-technology products in East Asia. Preliminary estimates indicate that G20 services trade also grew, modestly, with exports increasing by 1.7% and imports by 1.5%.

Among major economies, U.S. merchandise exports rose 9.3%, driven by gold and petroleum products, while imports grew 8.1%, partly reflecting greater purchases of computers and telecommunications equipment.

In China, exports rose 13.5%, led by semiconductors and high-technology products, and imports increased 16.7%.

In the European Union, exports and imports had a more modest increase, of 1.1% and 1.5%, respectively.

In Brazil, exports remained practically stable, while imports grew 4.2%, with emphasis on household appliances and fertilizers.

In international trade in services, among the G7 economies, US services exports increased 2.3%, driven by maintenance and repair services, information and communications technology (ICT) and insurance, while imports grew 2.5%, with increased spending on transportation and intellectual property products.

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Source: CNN