U.S. import slowdown offsets modest G20 trade growth

The OECD reported on Tuesday that G20 countries’ international goods trade rose slightly in the second quarter of 2025, mainly because imports into the United States fell sharply after rising in the first quarter.

Overall exports rose 2.6% quarter-on-quarter, while imports remained broadly unchanged. The OECD noted that depreciation of the U.S. dollar against most currencies and growing trade uncertainty following new tariff announcements also influenced trade outcomes.

In the U.S., exports increased by 2.7%, supported by higher sales of finished metal products and non-monetary gold, while imports fell 18.4% due to a decline in industrial supply purchases.

Canadian exports fell 9.7% due to lower oil prices, with imports largely unchanged.

Elsewhere, trade in Asia and Europe showed steady growth. China’s imports and exports rose by 4.7% and 2.5% respectively, driven by semiconductors and other high-tech goods. In South Korea, exports increased 7.1%, supported by high-bandwidth memory chips and semiconductors.

In Europe, exports rose 7.4% in Germany, 6.0% in France, and 5.9% in Italy. Across the EU, imports increased 6.3% and exports 4.7%. In the UK, imports grew 8.5% and exports 1.3%, driven by higher purchases of cars and pharmaceuticals.

Brazil and Argentina saw exports fall by 3.6% each, while imports rose 9.3%. Australian exports increased 1.8%, largely in the form of scrap metal and metallic ores.

The services sector also recorded strong growth across the G20 in the second quarter, with exports up 4.7% and imports up 2.9%.

G20 members include the world’s largest economies: the U.S., China, Germany, Japan, India, the UK, France, Italy, Australia, Indonesia, Russia, Türkiye, Brazil, Canada, Mexico, South Africa, South Korea, Saudi Arabia, and Argentina. The group also comprises two intergovernmental organisations, the EU and the African Union.

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