G20 international merchandise trade rebounded sharply in the third quarter of 2020 as exports rose by 21.6% and imports by 18.1%, after their precipitous fall in the second quarter of 2020 as lockdown measures were brought in across the globe, the Organization for Economic Cooperation and Development (OECD) announced on Thursday.

“However, international trade remains around 5% below its pre-pandemic level in Q4, 2019 and close to 10% below the most recent high seen in Q3 2018,” the OECD said.

Moreover, provisional data for October, in those countries where data are available, suggest that renewed lockdown measures introduced in many economies may already be beginning to weigh down on international trade.

Exports and imports rebounded sharply in North America.

In Canada, they were up by 31.1% and 32.3% respectively; in the United States by 23.6% and 18.5%; and in Mexico by 50.2% and 18.5%.

Europe saw a similar rebound in the third quarter of 2020 with EU exports rising by 27.4% and imports by 22.4%.

Exports in France, Germany and Italy were up by 35.9%, 28.2% and 40.8% respectively, and imports by 30.7%, 17.8% and 29.8%. In the United Kingdom, exports increased by 23.8% and imports by 31%. Despite a sharp rise of more than 40% in Russian crude oil prices, their trade figures increased more moderately, with exports up 10.6% and imports up 7%.

Among the G20 economies, only China has seen trade recover to above pre-pandemic levels with increases in exports and imports of 9.6% and 13.7%, respectively, with trade in PPE equipment, in particular, helping to push China's exports up to a record high in the third quarter of 2020.