G20 Trade Gains Momentum in Second Quarter as Imports and Services Activity Accelerate

International trade across the G20 economies gathered pace in the second quarter of 2026, with merchandise imports recording a particularly strong increase while trade in services also accelerated, according to the latest figures released by the Organisation for Economic Co-operation and Development (OECD).

The OECD’s preliminary assessment, published on August 28, shows that G20 merchandise imports increased 6.7% quarter-on-quarter in Q2 2026, compared with 5.2% growth in the previous quarter. Merchandise exports also expanded, rising 5.9%, broadly maintaining the pace seen previously.

Services Trade Also Strengthens

The improvement was not limited to physical goods.

G20 services exports increased by an estimated 3.4% in the second quarter, up from 2.0% in Q1. Services imports also accelerated to 2.5%, compared with 1.5% during the first quarter.

The OECD cautioned that the services figures are preliminary estimates based on available information covering at least 60% of aggregate G20 services exports and imports.

India Records Strong Export Growth

India was among the economies that recorded particularly notable merchandise-trade growth.

Indian merchandise exports jumped 20.4% during Q2 2026, with increases spread across a broad range of products. Imports rose by 8.7%, with petroleum and electronic goods contributing to the increase.

The strong export performance placed India among the major contributors to the acceleration in G20 trade during the quarter.

United States Sees Imports Rise

In North America, US merchandise imports grew 7.8%, accelerating from 6.0% in the previous quarter.

The increase was partly associated with stronger purchases of computers and computer-related equipment. US merchandise exports, meanwhile, increased by 3.9%, although export growth was slower than in the preceding quarter.

Higher energy prices supported some US exports, particularly crude oil and petroleum products.

Canada and Mexico Show Strong Trade Activity

Canada experienced a significant increase in merchandise exports, which surged 13.5% in Q2.

Energy products and motor vehicles were among the factors supporting Canadian export growth.

Mexico also recorded substantial increases on both sides of its merchandise trade. Mexican exports rose 12.2%, while imports increased 7.7%, indicating stronger cross-border commercial activity during the quarter.

Asian Trade Remains Important

China’s trade continued to expand in Q2, although growth was slower than the exceptionally strong pace recorded in the first quarter.

Chinese merchandise exports increased 4.7%, while imports grew 8.9%. Mechanical and electrical products, together with high-technology goods, contributed to trade activity.

South Korea recorded an especially strong export performance, with merchandise exports increasing 19.3%. Semiconductor sales were a major factor behind the result.

Korean imports also rose sharply, increasing 11.6%, partly because of higher purchases of energy products and semiconductor equipment.

European Trade Also Expands

Several major European economies recorded higher merchandise imports during the second quarter.

Germany’s imports increased 4.2%, while France and Italy recorded growth of 4.2% and 4.1%, respectively. Higher purchases of energy products contributed to the increases.

Exports also expanded, although at more moderate rates. Germany’s exports rose 2.1%, while France and Italy recorded growth of 1.8% each.

The United Kingdom saw a rebound in both exports and imports, with merchandise exports increasing 6.6% and imports rising 5.7%. Machinery, transport equipment and fuels contributed to the stronger performance.

China Leads Services Export Growth in East Asia

Services trade provided another important source of momentum.

China’s services exports surged 16.6% in Q2, supported by transport, travel and information and communications technology services. Chinese services imports also increased 7.5%.

Japan’s services exports rose 7.8%, helped by intellectual property, ICT and other business services. However, Japanese services imports declined 2.0%.

In the United States, services exports grew 1.2%, while imports increased 1.5%. Higher receipts from intellectual property and ICT services supported US exports.

What the Numbers Mean for Global Trade

The latest OECD figures point to a stronger quarter for international commerce among the G20 economies.

The sharp rise in merchandise imports suggests that demand for internationally traded goods remained strong in many major economies. At the same time, the acceleration in services trade indicates that global commercial activity is extending beyond traditional goods markets.

However, the OECD data also show that trade performance remains uneven. Some economies experienced very strong increases, while others saw their trade growth slow from the unusually high levels recorded earlier in 2026.

The Q2 figures will therefore be closely watched as policymakers and businesses assess the direction of global trade during the second half of the year.

The OECD is scheduled to publish its next G20 international trade update on 23 November 2026.

Source: Organisation for Economic Co-operation and Development (OECD), August 28, 2026.