Despite disruptions to trade related to the current crisis in the Middle East, G20 merchandise trade expanded strongly in Q1 2026. Measured in current US dollars, both exports and imports increased by 5.3% quarter-on-quarter compared with Q4 2025, driven partly by trade of semiconductors and other high-tech products in East Asia. Preliminary estimates indicate that G20 trade in services expanded modestly, with exports rising by 1.7% and imports by 1.5% .

In North America, merchandise trade exports from the United States rose by 9.3%, driven by non-monetary gold and petroleum products, while imports increased by 8.1%, partly reflecting higher purchases of computers and telecommunications equipment. Canada’s exports increased by 2.4%, supported by energy products, notably natural gas and crude oil, while imports rose by 5.3%, concerning mainly metal products. In Mexico, both exports and imports increased by 4.1%. East Asian economies recorded strong trade growth. China’s exports rose by 13.5%, led by semiconductors and high-technology products, while imports increased by 16.7%, partly reflecting computer purchases. Japan’s exports increased by 5.9%, supported by ships and non-ferrous metals, while imports rose by 4.8%, driven in part by raw materials, non-ferrous metal ores and semiconductors. Korea’s exports surged by 22.7%, supported by semiconductors and wireless communication devices, while imports increased by 7.0%, reflecting semiconductor purchases. In the European Union, exports and imports rose more modestly by 1.1% and 1.5% respectively. Germany’s exports and imports both increased by 1.9%, partly reflecting trade in precious stones and metals. Italy’s exports increased by 3.2%, led by metals and pharmaceuticals, while imports rose by 2.9%, notably in metals and automobiles. In the United Kingdom, exports rose by 3.0% and imports by 5.3%, partly driven by trade with the European Union in office machinery. Brazil’s exports were broadly flat, while imports rose by 4.2%, notably in mechanical appliances and fertilisers. 

International trade in services expanded modestly in Q1 2026. Among G7 economies, services exports rose by 2.3% in the United States, driven by maintenance and repair, ICT, and insurance services, while imports increased by 2.5% due to stronger spending on transport and intellectual property products. Similarly, in Canada, exports rose by 1.9%, supported mainly by higher travel and transport receipts, while imports grew sharply (4.1%) on the back of increased expenditures in government and other business services. Germany recorded marked growth in services exports (4.6%), supported by travel, insurance, and financial services, while imports rose by 3.0%, reflecting higher travel spending abroad. French services exports were stable, as higher transport and travel receipts were offset by lower revenues from financial services, while imports declined by 1.6%, partly due to reduced transport payments. The United Kingdom recorded modest increases in both exports and imports, with import growth largely driven by other business services. Japan’s services exports fell by 1.2%, mainly reflecting weaker travel and intellectual property receipts, while imports rose by 2.6%, led by transport and other business services. Conversely, in Korea, services exports rose sharply (6.4%), with strong travel receipts, while imports fell by 2.2%, as lower travel payments more than offset higher transport expenditures (freight in particular). In Türkiye, services exports fell by 7.2%, mainly due to insurance and other business services. In China, services imports rose by 3.3%, partly driven by higher transport and travel payments.