Trade of goods with G20 countries dropped sharply in the first quarter of this calendar year as a result of COVID-19 containment measures such as lockdowns.
Collective exports of G20 countries stood at $3,451 billion during the first quarter of 2020, a decline of 4.3% as compared to the last quarter of 2019. Imports at $3,468.2 billion showed a decline of 3.9% as compared to the preceding quarter ended December 31, 2019. These trade figures are the lowest since the second quarter of 2017.
The Organisation for Economic Co-operation and Development (OECD), which released the data today, states that early trends point to a steeper decline in the second quarter.
Saudi Arabia (19.9%), Russia (14.2%), and the United Kingdom (11.8%) top the list of countries with the largest decline in export operations in the same period. The largest drop in G20 imports was recorded in the United Kingdom (17.1%), France (10.4%), and South Africa (9.6%).