Following two consecutive quarters of decline, G20 merchandise exports rebounded in value terms in Q12023, asmeasured in current US dollars (Figure 1 and 2). Compared to Q42022,exports increased by 2.2%, driven partly by the revivalofeconomic activity in China.G20 merchandise imports contracted by 1.2%,largely reflecting easing energy prices. Strong salesof vehicles and parts contributed to export growth in North America, with exports expanding by 1.0% in the United States, 1.2%in Canada and 1.2% in Mexico. In the European Union, exports increased by 3.0%, propelled by higher shipments of machineryfrom France, Germany and ltaly. EU imports contracted by 1.1%, mainly due to lower energy prices.As higher sales of machineryand transportequipment were offset by reduced shipments of chemicals and fuels, exports remained flatin the United Kingdom,while imports plunged. Fueled by robust sales of steel and electronics, Chinese merchandise exports grew by 8.6%, a strongrebound following the 7.1% fall recorded in Q42022.China’s imports continued to decline(down 0.7%), largely due to lowerpurchases of integrated circuits and declining energy prices. Following several weak quarters, exportgrowth remained subduedin Japan and Korea. Lower sales of primary commodities impacted exports from Argentina, Indonesia and Australia.
Growth in G20 services exports and imports are estimated at around 2.4% and 4.9% in Q12023, respectively, compared tothe previous quarter and measured in current US dollars (Figure 1 and 2). These preliminary estimates point to a pickup inservices trade compared with the rates recorded in Q42022 (1.6% for exports and minus 2.2% for imports). This accelerationreflected a recovery in tourism activity, which fueled trade in passenger transport and travel, outweighing the marked declinein freight transport. Services exports were sluggish in the United States and Canada, while imports grew by 1.2% and 3.4%,respectively, on the back of strong travel expenditure. The resurgence of travel also drove growth for France, Italy and Türkiyeon the exports side (up 7.3%,8.4% and 18.1%, respectively), and for Germany on the imports side (up 6.4%). In the UnitedKingdom, exports increased by 1.5%, while imports contracted by 1.6% due to lower purchases of computer and businessservices. Travel imports from China soared once mobility restrictions were lifted, contributing to robust growth in servicesexports for Japan (up 7.2%) and Australia (up 11.8%). Conversely, lower shipping rates weighed on services export growth inChina and Korea (down 2.2% and 8.3%, respectively), both leading exporters of transport services.
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