export and import of goods from countries G20 While it contracted by 1.2% and 2.1% respectively in the third quarter, sales and purchases of services remained stable after increases of 0.1% and 0.2%, after recording a value of 4.487 billion and 4.548 billion dollars (4.116 and 4.172 billion euros). increased the figures to 1.503 billion and 1.378 billion dollars (1.379 and 1.264 billion euros).
The decline in the value of goods is part of a trend of “persistent slowdown”, especially in East Asia and Europe, as the Organization for Economic Co-operation and Development (OECD) announced this Thursday.
Exports decreased by 1.5 percent European Union, In Germany and France it is above 2.0%, largely due to reduced sales of machinery and transport equipment. Later, merchandise trade also contracted in East Asia; Due to the impact of machinery and steel products, there was a 6.1% decrease in exports and a 3.5% decrease in imports in China.
In Japan, exports were only “slightly negative” (-0.7%), while in Korea exports increased (+1.2%) thanks to strong growth in auto sales. On the other hand, as a result of the decrease in imports of energy products, there are imports in both countries.
While the decline in sales of basic products affected the exports of Australia and Indonesia, a recovery in exports was seen in North America, especially the USA, due to strong trade in the automotive and energy sectors.
On the services side, exports and imports of services increased by only 0.1% and 0.2%, respectively, in the third quarter of 2023, following the growth of 1.1% and 1% recorded in the second part of the study.
Service exports in the USA increased by 1.8 percent Imports rose only 0.2%, driven by sales of travel and business services. While service exports in Canada increased by 0.8%, imports increased by 3.3%, primarily due to the impact of travel.
While service exports increased slightly in Germany, imports also decreased in parallel with the decrease in travel expenditures. In France, on the contrary, the increase in imports of services (2.9%) was due to a sharp increase in these expenditures, while exports remained stable.
The UK recorded a significant increase In both cases, exports and imports of services increased (2.9% and 3.7% respectively) due to the dynamism of commercial services trade.
Transport services, and freight transport in particular, put pressure on East Asian services exports, which contracted “sharply” in Japan, China and Korea. However, the recovery in travel increased import growth in Korea and Japan.
While service exports in Brazil increased by 5.1%, driven by travel and telecommunication services, imports increased by 2% in a more controlled manner.