PARIS - Despite disruptions to trade related to the current crisis in the Middle East, G20 merchandise trade expanded strongly in Q1 2026. Measured in current US dollars, both exports and imports increased by 5.3% quarter-on-quarter compared with Q4 2025, driven partly by trade of semiconductors and other high-tech products in East Asia.

OECD preliminary estimates indicate that G20 trade in services expanded modestly, with exports rising by 1.7% and imports by 1.5%.

International trade in services expanded modestly in Q1 2026. Among G7 economies, services exports rose by 2.3% in the United States, driven by maintenance and repair, ICT, and insurance services, while imports increased by 2.5% due to stronger spending on transport and intellectual property products. 

In North America, merchandise trade exports from the United States rose by 9.3%, driven by non-monetary gold and petroleum products, while imports increased by 8.1%, partly reflecting higher purchases of computers and telecommunications equipment.

In the European Union, exports and imports rose more modestly by 1.1% and 1.5% respectively.