Across the G20, merchandise trade declined in the fourth quarter, according to data from the Organization for Economic Cooperation and Development (OECD).
On Tuesday, the Paris-based group reported that trade in goods (measured in U.S. dollars) dropped in the fourth quarter of 2024, with exports falling 0.6% and imports declining 1.0%, on a quarter-over-quarter basis.
For the U.S., exports declined by 2.2% in the fourth quarter, “primarily due to reduced shipments of capital goods, including computers and aircraft,” the OECD said.
Yet, imports rose 0.7% in the quarter, “driven by increased purchases of industrial supplies, metals, and gold.”
In Canada, exports rose by 0.9% in the fourth quarter, on the strength of strong sales of gold and other precious metals, the OECD said — but imports declined by 4%, primarily due to declines in motor vehicles and various metals.
The European Union (EU) saw exports drop by 2.6% in the fourth quarter, while imports fell by 2.7%, it reported. And, China’s exports grew by 4.3%, but imports were down by 0.7%.
For the full year, G20 merchandise trade activity was mixed, the OECD said, with exports rising 0.7% compared with 2023, while imports declined by 0.2% year over year.
On the services side, preliminary estimates indicate that exports for the G20 rose by 1.5% in the fourth quarter, while imports were stable, the OECD noted. For the full year, it estimated that exports grew by 8.5% and imports rose by 7.4%.
Canada’s services trade saw exports and imports drop by 3.9% and 2.4%, respectively, in the fourth quarter.
Services trade also faced a “marked slowdown” across the EU, the OECD said, whereas in the U.S., exports rose by 2.6% in the quarter, and imports grew by 3.4%, “driven by higher payments for travel, insurance, and financial services.”