After several quarters of decline, G20 merchandise trade growth flattened in value terms in Q4 2023, as measured in current US dollars (Figure 1 and 2). There was little change in exports and imports compared to Q3 2023, as a robust recovery in East Asia was counterbalanced by a slowdown in Europe and North America. Export growth stagnated in the United States, with lower sales of automobiles being offset by higher sales of industrial supplies. In the European Union, exports were down by 0.6% driven by a decline in chemical products, while imports were down by 1.8%. Conversely, merchandise trade growth was strong in ... (full story)