BRICS trade is booming, according to data

Updated: Jul 17

According to data from Chinese customs, economic cooperation between Brazil, Russia, India, China, and South Africa has increased.

According to data from the General Administration of Customs of China (GACC), as reported by the Global Times on Wednesday, China's foreign commerce with other BRICS member states totaled 1.64 trillion yuan ($244 billion) in the first half of the year, up 14.1 percent on an annual basis.

According to the report, exports increased by 20.6 percent in value to 817.18 billion yuan ($121 billion). Imports increased in value by 8.3% to 825.82 billion yuan, or around $123 billion.

Li Kuiwen, a spokesperson for the GACC, stated during a news conference on Wednesday that China's commerce with the other BRICS countries has gotten closer recently. 960.21 billion yuan ($143 billion) in commercial turnover was recorded in 2009; however, in 2021, that figure rose to 3.17 trillion yuan ($472 billion).

According to data, Chinese imports of agriculture and energy products have grown quickly. China's total imports of crude oil, natural gas, coal, and other energy goods from the BRICS countries increased by 53.3 percent to 298.98 billion yuan ($45 billion) in the first six months. The nation's imports of agricultural goods increased by 15.6% to 185.46 billion yuan ($28 billion).

Brazil, Russia, India, China, and South Africa (BRICS) is a five-nation economic alliance that was founded in 2006. It accounts for more than 40% of the worldwide population and has a greater than 16% share of global trade.

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