The Organization for Economic Cooperation and Development (OECD) in May 2025 published its latest trade statistics. They reflect the impact to date of measures taken by the Trump administration to reduce the US trade deficit.

G20 merchandise trade increased in Q1 2025, as measured in current US dollars, with exports and imports rising by 2.0% and 3.1%, respectively, compared with Q4 2024. The rise in exports is mostly attributed to the European Union, while imports were driven by the United States.

Preliminary estimates indicate a mixed picture for G20 trade in services, with exports decreasing by 0.7% and imports increasing by 1.0%.

North America showed mostly strong merchandise trade performance. In the United States, exports rose by 3.5%, driven in part by increased sales of aircraft and computers. Meanwhile, higher purchases of industrial supplies and pharmaceuticals fueled import growth (19.0%), with the announcement of new tariffs likely prompting importers to accelerate shipments in anticipation of higher future costs. In Canada, exports increased by 4.1%, supported by higher sales of motor vehicles and energy products, particularly crude oil, the price of which increased due to declining inventories in the United States. Canadian imports rose by 1.9%, largely due to higher purchases of motor vehicles and parts.

Europe experienced generally positive trade outcomes. Merchandise export growth gained momentum in the United Kingdom (4.7%) and in the European Union (2.8%). Italy’s exports rose by 3.0%, mainly driven by pharmaceuticals and medical supplies, while Germany experienced a 0.8% increase in exports and a 2.0% rise in imports.

East Asia recorded mixed trade results. China’s exports grew by 1.1%, partly due to higher shipments of rare earth elements, while imports into China instead declined (-3.7%), reflecting reduced purchases of mechanical and electrical products, such as integrated circuits. Japan recorded a 3.7% increase in exports, mainly due to sales of ships and aircraft. Conversely, weak sales in the automotive sector weighed on Korean merchandise exports, which were down by 4.3%.

Services exports rose by 0.4% in the United States despite a sharp decline in travel revenues, while imports grew by 2.5%.

In contrast, both exports (-3.2%) and imports (-3.6%) contracted in Canada, with lower travel spending in the United States weighing on the import figure. Services trade continued to contract in France and Germany but picked up in Italy, with exports and imports expanding by 7.2% and 3.5%, respectively. Similarly, the United Kingdom recorded growth in both exports (1.7%) and imports (4.6%).

Services exports declined in Japan and Korea, while imports increased by 6.1% and by 2.3%, respectively. In China, services exports contracted sharply (-6.0%), mainly driven by lower revenues from transport and construction, while imports grew by 4.5%, Services exports also fell in Brazil (-1.2%) and India (-0.1%); the latter also recording a plunge in its import growth (-9.1%).