North American Trade Surpasses G20 Average; Mexico's Foreign Trade Positive in Q2: OECD

Despite ongoing tariff policies, trade between Mexico, the United States, and Canada has outpaced the average growth seen in the Group of 20 (G20) economies, the Organisation for Economic Co-operation and Development (OECD) reported. The second quarter of 2026 saw a notable acceleration in merchandise trade across North America.

Mexico's foreign trade experienced a positive performance in the second quarter, with both exports and imports accelerating significantly. Exports surged by 12.2%, while imports grew by 7.7%. This robust growth contrasts with some other G20 nations, where trade dynamics showed different trends. For instance, China's trade slowed in Q2 after a substantial increase in the first quarter, with exports rising 4.7% and imports 8.9%.

The United States also saw an increase in merchandise imports, which rose 7.8% in Q2, up from 6% in the previous quarter, largely driven by increased purchases of computers and accessories. However, US export growth decelerated to 3.9%, despite higher energy prices boosting crude oil exports. Canada's exports climbed 13.5%, fueled by energy products and motor vehicles, though its import growth slowed.

The OECD report underscores the significant role of North America in global trade. The G20, comprising 19 countries and regional blocs, accounts for approximately 85% of global GDP and over 75% of international trade. The varied performance among member nations highlights the complex global economic landscape, with factors like energy prices and demand for specific goods influencing trade flows.