In the second quarter, the trade growth of the G20 nations has been significantly attenuated

In particular, in the second quarter of 2022 the increase in Energy prices stimulated trade in North America, with exports increased by +10.2% in the United States and +11.0% in Canada. In the European Union (EU27), exports of goods recorded modest growth (+0.3%), while imports grew more strongly (+3.0%), in much of it driven by energy. Exports of goods are decreased in East Asia as the lockdown measures for the coronaviruses continued to weigh on activities economic in the region and inflationary pressures have weighed on foreign demand for goods. Exports have fallen -4.9% in Japan, -0.4% in China and -2.2% in Korea. The high prices continued to drive the value of exports for major commodity traders in the G20, with expanding exports to Australia (+12.5%), Indonesia (+12.7%) and India (+7.1%).

In addition, in the second quarter of this year the growth of the G20 trade in services, measured in US dollars, showed a is slowing down: it is estimated that exports and imports increased by +1.1% and +2.2% respectively compared to slightly higher rates recorded in the first quarter of 2022 (+2.1% and +2.3% respectively). The strong recovery of travel and Transport has supported growth in many G20 economies, while the prolonged Covid-19 containment measures have weighed on the trade in services in East Asia. Trade in services in North America has grown considerably, largely driven from the accentuated resumption of travel. On the contrary, the growth of the Trade in services in Europe has slowed down: exports of services contracted by -2.7% in Germany, reflecting a decline in intellectual, financial and trade, while imports increased by +4.6%, supported by travel; France recorded a modest increase of exports (+1.8%) thanks to transport and travel, while imports fell by -1.2%. Throughout East Asia, the trade in services showed a mixed picture, with growth of travel and transport partially offset by weakness trade in other services. For the first time since the first quarter of 2020, China recorded a decline in exports and imports of services (-8.1% and -3.3% respectively).

With regard to Italy, in the second quarter of this year the value of exports of goods marked a reduction in the -0.6%, while imports rose by +4.1%; the value of exports of services grew by +3.3% and that of imports of +4.1%.