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China-BRICS Trade Flourishes with 19.1% Surge in First Seven Months

China’s trade relations with its fellow BRICS nations, namely Brazil, Russia, India, and South Africa, have displayed robust growth in the initial seven months of 2023, according to a report released by China’s Customs Administration (GAC).

The GAC data reveals a substantial 19.1% expansion in trade between China and the four BRICS countries during the first seven months of the year, reaching a remarkable total of 2.38 trillion yuan (approximately 330.62 billion US dollars) on a year-on-year basis.

Notably, China’s exports to these BRICS nations surged by 23.9% within the same period, attaining a total value of 1.23 trillion yuan. Concurrently, imports from the four countries also experienced a notable uptick, rising by 14.3% year-on-year to reach 1.15 trillion yuan.

These flourishing trade dynamics have propelled the share of China’s total foreign trade attributed to the BRICS countries to 10.1%, marking a noteworthy increase of 1.6 percentage points compared to the same period last year, as per the GAC report.

A noteworthy trend highlighted by the report is the pivotal role of China’s private enterprises in propelling trade growth between China and the BRICS bloc. During the first seven months of the year, imports and exports facilitated by private enterprises soared by 29.4%, reaching an impressive total of 1.36 trillion yuan. This accomplishment signifies that private enterprises are contributing significantly to China’s overall trade performance, accounting for 57.1% of the nation’s total trade volume.

The robust growth witnessed in China’s trade with the BRICS nations underscores the deepening economic ties and collaborative efforts between these major emerging economies. As China continues to expand its global trade footprint, the strong performance with its BRICS partners serves as a testament to the collective determination to foster economic resilience and prosperity amidst a dynamic global trade landscape.

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