According to statistics released on November 26 by the Paris-based Organization for Economic Cooperation and Development, France, international merchandise trade of G20 member countries rebounded in the third quarter of 2020, but it is still lower than the pre-COVID-19 pandemic level.
According to the data, after the sharp decline in international merchandise trade in the second quarter of 2020, G20 member countries rebounded in the third quarter, with exports increasing by 21.6% and imports increasing by 18.1%. Even so, the level of international merchandise trade in the third quarter is still about 5% lower than that of the fourth quarter of 2019 and about 10% lower than the third quarter of 2018.
In North America, exports and imports rebounded strongly. Canada grew 31.1% and 32.3% respectively; the United States grew 23.6% and 18.5% respectively; and Mexico grew 50.2% and 18.5% respectively. Even with these positive developments, trade in the region is still below the pre-COVID-19 global pandemic.
A similar rebound was achieved in the third quarter of 2020 in Europe. In the EU region, exports increased by 27.4% and imports increased by 22.4%; among them, exports from France, Germany and Italy increased by 35.9%, 28.2% and 40.8%, respectively, and imports increased by 30.7%, 17.8% and 29.8%, respectively; for the United Kingdom, exports grew 23.8. %, imports increased by 31%; in Russia, trade increased moderately in the third quarter despite the surge in crude oil prices by more than 40%, with exports growing by 10.6% and imports growing by 7%.
In Brazil and Japan, imports fell for the third consecutive quarter, down 8.9% and 5.3% respectively. Despite small increases of exports, 1.6 percent and 11.6% respectively, they are still 7% and 6% lower than before the global pandemic.
Among the Group of 20 (G20) economies, only China has achieved a trade recovery: exports increased 9.6% and imports increased 13.7% in the third quarter of 2020, reaching pre-COVID-19 levels, especially commodity trade in personal protective equipment, which makes China in the third quarter of 2020. The export level of the degree has reached a record high.
