The Organization for Economic Co-operation and Development (OECD) reported a slight improvement in G20 total international trade during the second quarter of 2016, the first growth in two years.
The good news come after the conclusion of the G20 summit, held last weekend in China.
According to the organization, the cause or this positive variation was the rise in oil prices, which increased from around US$35 a barrel in December 2015 to almost US$ 50 in June 2016.
The OECD also reported that export in G20 economies grew 1.5% after seven quarterly falls.Image: OECD The G20 countries with better performance in exports during the second quarter were India, South Africa and Turkey with more than 5%. On the other hand, exports stand at their lowest level in Canada, Argentina, and China. All G20 economies recorded growth in imports, except Argentina, France, India, Indonesia, and Mexico. Additionally, China was the nation with the highest growth in imports, recording 6.6%.
The G20 is a group of 19 countries formed by: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States of America; as well as the European Union.
This year, the world leaders gathered in Hangzhou, China, a city with about 6 million people. This is the first time that China hosts the event.
OECD Secretary-General Angel Gurría said: “China is to be congratulated for placing innovation at the heart of their G20 presidency. It is important to not just repair the problems of the past but to lay the foundations for future growth – growth that will to a large extent be driven by new ideas and technologies.”
The G20 economies play a fundamental role in world development. These countries represent 84% of the world economy, 79% of global trade and 65% of world’s population.
To access the full report, please click the following link: http://www.oecd.org/std/its/OECD-trade-Q22016.pdf
For more information about the Organization for Economic Co-operation and Development, please click here: http://www.oecd.org/