The Group of 20 international merchandise trade increased 12.4% from the previous year to $38.4 trillion in 2022, data by the Organization for Economic Cooperation and Development (OECD) unveiled on Thursday.
Measured in US dollars, exports soared 10.6% on an annual basis to $18.8 trillion in 2022, while imports surged 14.1% to $19.6 trillion.
In the fourth quarter of last year, merchandise trade continued its downward trend after hitting a peak in the second quarter.
Exports and imports in October-December 2022 declined 3.5% and 3.1%, respectively, from the prior three-month period, reflecting sluggish global demand and decreasing energy prices.
Falling oil prices weighed especially heavily on merchandise trade in North America, with exports falling 6.7% in Canada, 5.4% in the US, and 3.1% in Mexico in the fourth quarter of 2022.
On the other hand, exports grew 0.9% quarter-on-quarter in the EU, thanks to strong sales of machinery and transport equipment in Italy, France and Germany which partly offset lower shipments of chemical and metal products.
Chinese exports and imports slipped 7.1% and 2.5%, respectively, in the final quarter of last year, as strict COVID-19 containment measures weighed on trade, especially in electronics.
Korean exports dropped 8.3% on a quarterly basis, largely due to falling semiconductor prices, while Japanese exports fell 1.4%.
Meanwhile, the OECD revealed that G-20 international services trade rose 12.4% year-on-year to $10.4 trillion in 2022.
Services exports advanced 11.8% to $5.4 trillion and services imports jumped 13.2% to $4.9 trillion last year.
