Exports of goods among G20 countries shrank 0.6% in the second quarter of 2018, while imports declined 0.9%, according to new data from the OECD.

The big picture: This is the first contraction in international merchandise trade since Q1 of 2016, ending eight consecutive quarters of growth. The slowdown can be attributed in part to the weakening of emerging market currencies against the dollar, including the Argentine peso (down 18%), the Turkish lira (down 15%) and the Brazilian real (down 11%).