A. M. 
G20 trade closed 2025 with mixed performance in goods and stronger growth in services, in an international context still marked by adjustments in prices, demand, and supply chains.
According to the latest data from the Organization for Economic Cooperation and Development (OECD), in the fourth quarter of 2025, G20 merchandise trade, measured in current dollars and seasonally adjusted, showed mixed results: exports increased by 0.9% compared to the previous quarter, while imports fell by 0.5%.
In contrast, trade in services maintained moderate expansion. Preliminary estimates indicate that in the same period, G20 exports of services grew by 1.4% and imports by 1.2%, confirming the resilience of this sector in the face of volatility in trade in goods.
Annual balance: services lead growth
Overall, in 2025, G20 trade in goods grew moderately, with exports increasing by 5.3% and imports by 1.2%. However, the greatest momentum came from trade in services, which expanded by 8.2% in both exports and imports, reflecting a sustained recovery in areas such as technology, intellectual property, transportation, and travel.
Regional performance in goods
The performance of trade in goods was uneven among the major economies.
North America showed positive signs in exports. In the United States, shipments abroad grew by 3.1%, while in Canada they increased by 2.5%, driven mainly by non-monetary gold and other precious metals. In both countries, imports fell slightly. Mexico stood out for its strong growth in both exports (6.1%) and imports (5.4%), associated with trade in mechanical machinery and electrical equipment.
In Latin America, Argentina increased its exports by 4.6%, thanks to higher sales of oil and agricultural products, although its imports fell by 1.2%. Brazil also showed strong export performance, with a 6.5% increase supported by coffee and minerals, while its imports declined by 5.6%, partly due to lower purchases of ships and fertilizers.
The European Union registered a weaker performance in the last quarter. The bloc’s exports fell by 0.4% and imports by 1.2%. Germany showed reduced growth, while France managed to increase its exports by 2.0%, driven by mechanical, electrical, and information technology equipment; its imports, however, declined by 2.3%. The United Kingdom reported declines in both exports (1.3%) and imports (3.0%), linked to lower transactions in oil, transportation, and pharmaceuticals.
In East Asia, China increased its exports by 0.7%, but its imports decreased by 1.7%. Japan’s exports remained virtually unchanged (0.3%) and its imports fell by 2.5%. South Korea’s exports rose by 1.2%, driven by semiconductors, while lower energy prices contributed to a decrease in its imports.
Services: Greater dynamism and contrasts
International trade in services again showed greater strength than trade in goods. Among the G7 economies, the United States saw a 1.4% increase in service exports, supported by intellectual property, information technology, and business services. Its imports rose by 1.9%, driven by higher spending on travel and corporate services.
In East Asia, China increased its exports by 0.7%, but its imports decreased by 1.7%. Japan’s exports remained virtually unchanged (0.3%) and its imports fell by 2.5%. South Korea’s exports rose by 1.2%, driven by semiconductors, while lower energy prices contributed to a decrease in its imports.
Canada experienced a 1.0% decline in service exports, while its imports remained flat. Germany saw its exports fall by 1.2%, although its imports rose by 1.2%, mainly due to increased spending on international travel. France recorded declines in both exports (2.4%) and imports (1.9%). Japan increased its exports by 0.9% and reduced its imports by 1.6%.
In Asia, South Korea reported a slight decrease in exports (0.8%) but a 3.2% increase in imports, associated with higher spending on transportation and travel. China stood out with a strong increase in service exports (8.2%) and a 3.0% increase in imports, with tourism and technology services as the main drivers.
Brazil was one of the most dynamic economies in services, with a 9.5% increase in exports and a 1.0% decrease in imports. India also showed significant growth in both flows.
Trade in Transition
The data reflects a scenario in which trade in goods is progressing more cautiously, influenced by adjustments in international prices and slower growth in some advanced economies. In contrast, trade in services is consolidating its role as a growth engine within the G20, especially in areas related to technology, knowledge, and international mobility.
The figures for 2025 thus confirm a trend: while goods face a more volatile environment, services continue to gain importance in global trade and in the productive structure of the world’s leading economies.
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