G20 merchandise trade fell in the second quarter of 2023, and services trade slowed, according to the OECD’s quarterly trade statistics for Q2 2023 (released on 24 August 2023). This post was first published in September 2023. It records which G20 economies gained and lost in the quarter, with corrections added in October 2026 where the original text did not match the OECD figures.
Why G20 trade figures are watched
The G20 brings together the world’s largest economies. Its members account for approximately 80% of the world’s GDP and about 60% of the world’s population, so G20 figures are a close guide to world trade. For a primer on how goods and services move between countries, see how global trade works.
Merchandise trade in Q2 2023
G20 merchandise trade dropped in Q2 2023. The original version of this post put the fall down to supply chain disruptions, rising input costs and weak demand in major markets.
Correction (October 2026): the OECD release gives different reasons. G20 merchandise exports fell 3.1% and imports 2.0% quarter on quarter, which the OECD attributed to subdued global demand and lower commodity prices, especially for energy.
Performance differed across G20 economies. Indonesia, Korea and Mexico saw merchandise exports contract. On the import side, India and Italy recorded lower merchandise imports, while the original post said, without a source, that Saudi Arabia’s imports rose strongly. The original post also said Japan and Italy increased their merchandise exports in the quarter.
Correction (October 2026): in the OECD’s Q2 2023 table, Japan’s merchandise exports fell 1.3% and Italy’s fell 0.7%, so neither country increased exports in the quarter. The table shows no Q2 2023 figure for Saudi Arabia.
Services trade in Q2 2023
G20 services trade also slowed in Q2 2023. The original post linked this to the lasting effects of the COVID-19 pandemic on the services sector; the OECD release does not give that reason, and it describes the quarter as a marked slowdown after strong growth in Q1 2023.
The original post also said that Japan and Saudi Arabia increased services exports, that India, Indonesia and Korea had a downturn, that Italy and Mexico recorded a large rise in services imports and that Japan and Saudi Arabia saw services imports fall. No source was given for these statements.
Correction (October 2026): the OECD’s preliminary figures show services exports rising in Korea (up 9.5%, driven by travel, finance and ICT) and Indonesia (up 3.1%), not falling. Japan’s services exports rose slightly (0.7%) and its services imports fell 4.2%, as stated above. The release has no Q2 2023 services figures for India, Italy, Mexico or Saudi Arabia.
Where to find current figures
Quarterly trade numbers are revised and replaced every few months, so treat the figures above as a record of mid-2023. The OECD publishes G20 trade data on its OECD and G20 pages, and the release used here is International trade statistics: trends in second quarter 2023. For the trade policy commitments the G20 made in the same month, see what G20 leaders agreed on trade in New Delhi in 2023. Longer-run patterns by product are covered in the report on global trade trends by HS code from 2015 to 2023.