G20 merchandise trade accelerated in Q2 2026. Measured in current US dollars, quarter-on-quarter import growth rose markedly to 6.7%, from the 5.2% growth recorded in the previous quarter, reflecting strong increases in a number of G20 economies. G20 merchandise exports growth remained broadly flat at 5.9%. Preliminary estimates also point to an acceleration in services trade, with exports rising by 3.4% and imports by 2.5%, as compared to 2.0% and 1.5% respectively in Q1 2026.

In North America, merchandise import growth for the United States increased to 7.8% in Q2 2026, up from 6.0% in the previous quarter, partly reflecting higher purchases of computers and computer accessories, while export growth slowed to 3.9%, despite higher energy prices boosting exports in crude and petroleum. By contrast, Canada’s exports surged by 13.5%, supported by energy products and motor vehicles, while import growth slowed. In Mexico, both exports and imports accelerated, with growth reaching 12.2%, and 7.7% respectively. In East Asia, China’s trade slowed markedly from the high growth for both exports and imports in Q1 2026 (13.4% and 16.9% respectively), but with Q2 2026 exports still growing by 4.7% and imports by 8.9%, both supported by mechanical and electrical products and high-technology goods.

Japan’s trade also slowed, despite higher petroleum imports. By contrast, Korea’s imports surged by 11.6%, reflecting higher purchases of energy products and semiconductor equipment, while export growth continued to remain strong at 19.3%, supported by sales of semiconductors. In Europe, higher purchases of energy products boosted import growth to 4.2%, 4.2% and 4.1% in Germany, France and Italy, respectively, while exports grew by 2.1%, 1.8% and 1.8%. In the United Kingdom, higher trade in machinery and transport equipment and in fuels explained a rebound in exports to 6.6% and in imports to 5.7%. Merchandise trade also accelerated in India, where exports surged by 20.4%, with increases across the board, and imports rose by 8.7%, partly driven by purchases of petroleum and of electronic goods.

Strong international services trade growth was recorded in Q2 2026 in East Asia. Services trade accelerated markedly in China, with exports soaring by 16.6%, boosted by sales of transport, travel and ICT services. After growing by 3.3% in Q1 2026, China’s imports rose by 7.5% in Q2 2026, on higher spending for transport, insurance, and other business services. In Japan, exports grew by 7.8%, after negative growth in the previous quarter, supported by sales of intellectual property, ICT and other business services. Imports, however, fell by 2.0%, on lower spending on travel and insurance services. In Korea, import growth recovered to 3.9% in Q2 2026 from negative growth in Q1 2026, as higher transport payments more than offset lower travel expenditure.

Export growth slowed but remained solid at 5.6%, reflecting higher transport and travel receipts. Services trade also accelerated in the United States, exports rose by 1.2% after 0.9% in Q1 2026, mainly supported by higher receipts from intellectual property and ICT. Imports grew by 1.5% in Q2 2026, driven by transport and insurance services, following no growth in the two previous quarters. No clear pattern was observed in the G20 European economies in Q2 2026. While exports accelerated in France, reflecting strong transport and travel receipts, they decelerated in Germany and Italy. In the same vein, services imports decreased in France while they increased in Germany and Italy, reflecting essentially higher transport and travel payments.