G20 Trade Accelerates in Second Quarter of 2026 as Goods and Services Demand Strengthens

Paris: International trade across the G20 economies gained momentum in the second quarter of 2026, with stronger merchandise imports and expanding services trade providing the main boost, according to the latest data from the Organisation for Economic Co-operation and Development (OECD).

The OECD reported that G20 merchandise imports increased 6.7% quarter-on-quarter in Q2 2026, up from 5.2% in the previous quarter. Merchandise exports also remained strong, recording growth of 5.9%.

Merchandise Imports Lead the Recovery

The sharp rise in imports was one of the most notable developments during the quarter. The increase suggests that demand for physical goods strengthened across several major G20 economies.

The United States recorded merchandise import growth of 7.8%, compared with 6.0% in the first quarter. The OECD said higher purchases of computers and computer accessories contributed to the increase.

India posted an even stronger performance. Its merchandise exports jumped 20.4%, while imports increased by 8.7%. Higher purchases of petroleum and electronic goods contributed to India’s import growth, according to the OECD.

Services Trade Also Picks Up

Trade in services accelerated alongside merchandise flows.

Preliminary OECD estimates show that G20 services exports increased 3.4% in Q2, compared with 2.0% in Q1. Services imports rose 2.5%, compared with 1.5% during the previous quarter.

The figures cover activities such as transportation, tourism, insurance, information and communications technology, intellectual property and other business services.

China Records Strong Services Growth

China was among the standout performers in services trade.

Chinese services exports surged 16.6% in the second quarter, supported by stronger sales of transport, travel and ICT services. Services imports also accelerated, rising 7.5%, with increased spending on transportation, insurance and business services.

Japan’s services exports also recovered, growing 7.8% after declining in the previous quarter. The increase was supported by intellectual property, ICT and other business services.

India Emerges as a Major Trade Performer

India’s strong merchandise export performance was one of the most significant developments highlighted by the OECD.

A 20.4% quarter-on-quarter increase in exports points to broad-based strength in India’s goods trade during the period. Imports also expanded, indicating increased demand for energy and technology-related products.

The combination of stronger exports and imports suggests that India’s participation in international supply chains remained active during the quarter.

Global Trade Remains Sensitive to Economic Conditions

Despite the encouraging figures, international trade continues to operate in a complicated global environment.

Trade flows can be influenced by changes in consumer demand, energy prices, investment, exchange rates, supply-chain conditions and government policies. The OECD’s quarterly data provide an early indication of how trade is developing across the world’s major economies.

The organization also notes that the Q2 services figures are preliminary estimates based on available data, covering at least 60% of G20 services exports and imports.

What the Data Mean for the Global Economy

The acceleration in G20 trade provides a positive signal for global economic activity. Stronger merchandise imports indicate increased demand for physical products, while rising services trade demonstrates the growing importance of digitally enabled and knowledge-based economic activity.

The latest figures also highlight how differently individual economies are performing. While some countries recorded particularly strong gains, others experienced slower growth or declines in specific categories.

Overall, however, the second quarter brought a clear improvement in G20 trade momentum, led primarily by merchandise imports and services.

Key Highlights

• G20 merchandise imports grew 6.7% in Q2 2026.
• G20 merchandise exports increased 5.9%.
• Services exports rose 3.4%, up from 2.0% in Q1.
• Services imports increased 2.5%, compared with 1.5% previously.
• India’s merchandise exports jumped 20.4%.
• China’s services exports surged 16.6%.
• U.S. merchandise imports increased 7.8%.

The OECD’s latest release suggests that international trade entered the second half of 2026 with stronger momentum, although continued monitoring will be necessary as economic and policy conditions evolve.