International trade statistics compiles data to measure the amount and values of products that subtract from or add to a country’s stock of goods due to the movement out or into a nation. Here’s a summary of the international trade statistics during the first half of 2021.

International trade merchandise for G20 saw record levels during the first quarter of 2021. According to OECD (Organization for Economic Cooperation and Development), compared to the past quarter, imports and exports grew by 8.1% and 8.0%, respectively. If you need international trade statistics, visit this website.

Apart from the UK, the only G20 economy that recorded negative trade growth, both for imports (-10.5%) and exports (-5.7%) in Q1 2021, all G20 economies experienced positive growth in Q1 2021, with a surge in commodity prices and global inflation contributing to the recovery of the global economy from COVID-19 repercussions.

Countries like Australia, Brazil, South Africa, and Argentina, some of the G20’s biggest exporters of metals and agricultural goods, experienced a significant increase in their exports, which helped them benefit from the soaring product prices.

In addition, crude oil prices increased by almost 35% during the first quarter, which led to increasing export values of Russia, Canada, and Indonesia. Because the G20 economies majorly import energy commodities, the price increase also led to the increment in import values during the same period, according to the OECD report. In the EU (European Union), imports and exports increased by 5.0% and 3.8%, respectively, during the same period.

Increased Demand for Semiconductors

The OECD also highlighted that the pandemic-driven increase in electronic purchases raised the demand for integrated circuits and semiconductors. As a result, the supply failed to keep up with the demand, leading to shortages and increased prices.

Although the high demand for semiconductors significantly contributed to the growth of trade merchandise in the United States, where imports and exports increased by 5.3% and 5.7%, respectively, the automotive supply chains got affected by the shortage of chips.

China, the biggest merchandise merchant of the G20, saw significant growth in both imports (19%) and exports (18.9%) during Q1 2021. Cereals, metals, metal ores, and integrated circuits led the Chinese import growth, while electronic products, such as vehicles, textiles (including facemasks), and integrated circuits led the export growth.

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