Like in the previous quarter, rising commodity prices explain a large part of the increase, as congestion in international shipping and supply issues around semiconductors placed further pressure on the price of traded goods.

According to OECD, G20 exports increased by 4.1% compared to Q1 2021, while imports went up 6.4%, showing a slowdown compared with the rates posted in Q1 2021 (8.6% and 8.5% for exports and imports, respectively).

The G20 economies more reliant on exports of primary commodities saw strong export growth in Q2 2021, a combination of increasing prices, limited global supply (e.g. copper) and strong demand (particularly from China, Japan and Korea).

Merchandise trade values in North America reached an all-time high in Q2 2021. Canada’s exports were up 4.7%, driven by energy and forestry products. Imports rose by 3.6%, with metals and pharmaceutical products playing a large part. The United States recorded growth of 6.8% for exports in Q2 2021, led by aircraft, pharmaceuticals and semiconductors and with strong demand from Canada and Mexico.

pgh/Pll/oda / crc