The Organization for Economic Cooperation and Development (OECD) said in a statement released today and quoted by Lusa news agency, that exports of G20 countries measured in dollars increased by 3.4% between October and December compared to the previous three months, while imports rose by 5%.

According to the OECD in part, the growth is due to rising commodity prices and particularly due to rising energy prices.

The OECD pointed out that rising energy prices affected growth in the fourth quarter, while pressure on supply chains, including for semiconductors - for which there is a global shortage - seems to be easing towards the end of the year.

Foreign trade in the fourth quarter grew in most G20 countries, with the exceptions of Brazil and Argentina, which imported more but reduced their shipments abroad, by 5% and 7.3% respectively.

The reason for this is the decline in exports of metal ores and soybeans, especially to China.

In contrast, foreign purchases increased by 13% in the case of Argentina and 11.5% in the case of Brazil, due to energy products, electrical machinery and fertilizers.

Merchandise trade recovered in Europe between October and December, after the weak expansion seen in the previous three months.

EU exports increased by 2.3% and imports by 5.1% and all the major economies of the Old Continent were on an upward trend.

In North America, trade in automotive vehicles and components helped boost international trade in the United States, Canada and Mexico, whose exports increased by 7.1%, 6.7% and 6%, in that order.

In 2021 as a whole, G20 exports increased by 25.9% and imports by 26.1%, thus 16% above 2019 levels before the covid-19 crisis erupted.

Source: Lusa