The Organization for Economic Co-operation and Development (OECD) announced today that the growth in exports of goods from the G20 nations flattened out in the second quarter of this year, having totaled a value of 4,584.2 billion dollars (0.0%), after the +1.7% increase on monthly basis recorded in the previous quarter. The OECD explained that the slowdown is largely determined by a decrease in exports from the European Union (1,773.0 billion, -0.9%), while imports of G20 goods, with a total value of 4,596.8 billion, grew by +1.2% after seven consecutive quarters negative growth and were mainly driven by substantial imports to the United States (+2.6%) and the United Kingdom (+8,3%).

The OECD specified that in the second quarter of 2024 the Growth compared to the previous quarter in exports of was stagnant for the United States, partly due to due to the decrease in exports of supplies and materials Industrial. Canadian exports declined, mainly in the motor vehicle and minerals sectors. On the other hand, the North American imports increased, especially relatively capital goods such as electrical equipment. The EU exports decreased by -0.9%, reflecting mainly developments in Germany which saw a reduction in of sales of chemicals and other manufactured goods. The European Union has recorded positive growth in imports (+0.2%) for the first time since the second quarter of 2015 2022. The United Kingdom saw exports decrease by -2.0% and imports increased by +8.3% driven by machinery and transport equipment. In East Asia, exports of goods have grown consistently in China and Korea, driven by strong sales of automobiles, semiconductors and high-tech equipment. On the contrary, exports declined by -2.1% for Japan, partly due to the closure of a major automotive plant and of the weakening yen. After a negative growth in imports in the first quarter of 2024, imports into China, Korea and Japan rebounded in the second quarter.

In addition, it is estimated that in the second quarter of 2024 growth of G20 exports and imports of services has slowed down to +1.9% and +1.1% compared to the increases of +3.4% and +3.7% recorded in the first quarter of 2024.

In the second quarter of this year, exports of services grew by +1.4% in the United States and was driven by mainly from higher revenues from information and marketing services. communication technology and other business services, while imports of services increased by +1.5%. On the contrary, in Canada exports and imports of services have declined -0.4% and -1.8% respectively. In Germany, travel has growth in trade in services and for the and exports, the latter reflecting likely a sharp increase in travel revenue after the European Football Championship. On the contrary, exports and imports of services contracted in France. The Kingdom United Kingdom recorded moderate export growth (+2.3%), while imports increased by +2.8%, in the wake of high expenditure on other business services and intellectual property. In Japan exports of increased by +1.6%, mainly driven by high revenues from transport and other business services, while Imports have flattened. In Korea, exports of services increased sharply, fuelled by transport (freight in particular), travel and ICT services, while imports are moderately increased. In India, trade in services is increased, with exports and imports growing respectively by +4.4% and +6.2%. In China, the easing of Visa requirements increased travel and total exports of services (up +4.0%), while imports were decreased by -2.7% due to lower purchases of transport and ICT.

With regard to Italy, in the second quarter of 2024 the value of exports of goods, amounting to 167.8 billion dollars, marked a decline of -1.2% on the previous quarter and the value of imports of goods, amounting to 151.8 billion, recorded a quarterly decrease of -0.8%. Growing, on the other hand, exports and imports of services, with their respective values stood at €40.3 billion (+3.4%) and €40.9 billion dollars (+0.6%).