G20 Trade Accelerates in Second Quarter 2026 as Merchandise Imports Rise 6.7 Percent
Trade among the Group of Twenty economies gathered pace in the second quarter of 2026. Merchandise imports rose 6.7 percent quarter on quarter in current US dollar terms, seasonally adjusted, up from 5.2 percent in the first quarter, the Organisation for Economic Co-operation and Development (OECD) said in a statistical release published on 28 August 2026. Merchandise exports grew 5.9 percent, which the release described as broadly flat compared with the prior quarter. Services trade also picked up, with exports rising 3.4 percent and imports rising 2.5 percent, both faster than in the first quarter.
G20 Trade Momentum Builds
The release gave the following aggregate quarter on quarter growth rates for the G20, in current US dollars, seasonally adjusted:
| Measure | Q1 2026 | Q2 2026 | Change (on our calculation) |
|---|---|---|---|
| Merchandise imports | 5.2% | 6.7% | +1.5 pp |
| Merchandise exports | 5.7% | 5.9% | +0.2 pp |
| Services exports | 2.0% | 3.4% | +1.4 pp |
| Services imports | 1.5% | 2.5% | +1.0 pp |
On our calculation, merchandise import growth accelerated by 1.5 percentage points between the two quarters, while services exports and services imports accelerated by 1.4 and 1.0 percentage points respectively, a broader based pickup than the merchandise imports figure alone suggests. Merchandise export growth also picked up on our calculation, but only marginally, from 5.7 percent in the first quarter to 5.9 percent in the second, an acceleration of just 0.2 percentage points per the release’s own quarterly data table, which is why the accompanying text described that reading as broadly unchanged. On our calculation, merchandise imports also grew 4.2 percentage points faster than services imports in the second quarter, and merchandise exports grew 2.5 percentage points faster than services exports, indicating that goods trade outpaced services trade in the second quarter even though the pickup in exports, unlike the pickup in imports, was too small to count as a meaningful acceleration.
Merchandise Trade Diverges Sharply Across Major Economies
Beneath the aggregate figure, individual G20 economies moved in different directions. In North America, United States merchandise import growth rose to 7.8 percent in the second quarter from 6.0 percent in the first, partly reflecting higher purchases of computers and computer accessories, while its export growth slowed to 3.9 percent despite higher energy prices boosting crude and petroleum exports. Canada’s exports surged 13.5 percent, supported by energy products and motor vehicles, while its import growth slowed. Mexico’s exports and imports both accelerated, reaching 12.2 percent and 7.7 percent respectively.
In East Asia, China’s trade slowed markedly from the high growth recorded in the first quarter, when exports rose 13.4 percent and imports rose 16.9 percent. Second quarter growth eased to 4.7 percent for exports and 8.9 percent for imports, still supported by mechanical and electrical products and high technology goods. Japan’s merchandise trade also slowed, despite higher petroleum imports. Korea moved the other way: imports surged 11.6 percent on higher purchases of energy products and semiconductor equipment, while exports continued growing strongly at 19.3 percent, supported by semiconductor sales.
In Europe, higher energy purchases lifted import growth to 4.2 percent in Germany, 4.2 percent in France and 4.1 percent in Italy, while exports grew 2.1 percent, 1.8 percent and 1.8 percent respectively. The United Kingdom saw a rebound in trade in machinery, transport equipment and fuels, with exports up 6.6 percent and imports up 5.7 percent. India’s merchandise trade also accelerated, with exports surging 20.4 percent on broad based increases and imports rising 8.7 percent, partly on purchases of petroleum and electronic goods.
| Economy and flow | Q1 2026 | Q2 2026 | Change (on our calculation) |
|---|---|---|---|
| United States merchandise imports | 6.0% | 7.8% | +1.8 pp |
| United States merchandise exports | 9.2% | 3.9% | -5.3 pp |
| Canada merchandise exports | 2.7% | 13.5% | +10.8 pp |
| Canada merchandise imports | 6.5% | 3.0% | -3.5 pp |
| Mexico merchandise exports | 4.4% | 12.2% | +7.8 pp |
| Mexico merchandise imports | 4.7% | 7.7% | +3.0 pp |
| China merchandise exports | 13.4% | 4.7% | -8.7 pp |
| China merchandise imports | 16.9% | 8.9% | -8.0 pp |
| Korea merchandise exports | 23.2% | 19.3% | -3.9 pp |
| Korea merchandise imports | 7.2% | 11.6% | +4.4 pp |
Q1 and Q2 2026 figures for every line above are stated explicitly in the release’s own downloadable data table annex, which gives both quarters for all G20 economies covered in this release.
On our calculation, China’s export growth decelerated by 8.7 percentage points and its import growth decelerated by 8.0 percentage points between the two quarters, the sharpest deceleration among the economies for which the release gives comparable first and second quarter figures. United States merchandise imports accelerated by 1.8 percentage points over the same period, while its exports decelerated by 5.3 percentage points. Canada’s exports moved furthest in the opposite direction, accelerating by 10.8 percentage points, the largest swing in either direction among these economies, while its imports decelerated by 3.5 percentage points. Mexico’s exports and imports both accelerated, by 7.8 and 3.0 percentage points respectively, and Korea’s exports decelerated by 3.9 percentage points even as its imports accelerated by 4.4 percentage points.
Services Trade Also Accelerates, With Caveats
Strong services trade growth was recorded in East Asia. China’s services exports soared 16.6 percent, boosted by transport, travel and information and communication technology services, while its imports rose 7.5 percent in the second quarter after rising 3.3 percent in the first, an acceleration of 4.2 percentage points on our calculation. That 4.2 percentage point pickup was more than four times the G20 aggregate’s 1.0 percentage point acceleration in services imports, on our calculation, underscoring the sharp contrast between China’s accelerating services imports and the much smaller pickup in the G20 aggregate, even as Chinese merchandise trade cooled. In Japan, services exports grew 7.8 percent after negative growth the previous quarter, supported by sales of intellectual property, information and communication technology and other business services, while imports fell 2.0 percent on lower travel and insurance spending. In Korea, import growth recovered to 3.9 percent from negative growth in the first quarter, while export growth slowed but remained solid at 5.6 percent.
Services trade also accelerated in the United States, where exports rose 1.2 percent after 0.9 percent in the first quarter, an acceleration of 0.3 percentage points on our calculation, mainly on higher receipts from intellectual property and information and communication technology services. Imports grew 1.5 percent, driven by transport and insurance services, following what the release described as no growth in the two previous quarters. The release found no clear pattern among the G20’s European economies: services exports accelerated in France on strong transport and travel receipts but decelerated in Germany and Italy, while services imports decreased in France but increased in Germany and Italy, reflecting higher transport and travel payments.
The same release noted that the second quarter services figures are preliminary estimates based on available data covering at least 60 percent of exports and imports for the G20 aggregate, which does not include African Union members other than South Africa but does include the Russian Federation.
Why it matters
Because the G20 comprises the world’s largest economies, the strong pickup in merchandise imports alongside faster services trade points to firmer global demand in the second quarter of 2026, even though merchandise export growth was broadly unchanged. But the aggregate figure masks sharply divergent paths among its largest members. China’s merchandise trade decelerated by roughly eight percentage points on both the export and import sides on our calculation, the steepest slowdown among the economies for which the release gave comparable quarter on quarter figures, even as United States import demand strengthened and Korea’s export growth stayed close to 20 percent. That divergence matters for the composition of global trade, not only its overall pace, since it changes which economies are absorbing and supplying the growth captured in the G20 aggregate.
Outlook
The OECD said its next release in this series is due on 23 November 2026. Because the second quarter services figures are preliminary, built on data covering at least 60 percent of G20 exports and imports, they are subject to revision as more complete national data become available. The scale of China’s deceleration in the second quarter, following unusually high first quarter growth, makes the November release a particular test of whether that slowdown continues, stabilises or reverses.
Source: OECD, “G20 trade accelerated in Q2 2026, boosted primarily by merchandise imports and services trade,” statistical release, 28 August 2026, https://www.oecd.org/en/data/insights/statistical-releases/2026/08/international-trade-statistics-trends-in-second-quarter-2026.html
