Trade among BRICS countries soaring
OREANDA-NEWS China’s foreign trade with other BRICS member states amounted to 1.64 trillion yuan ($244 billion) in the first half of the year, up 14.1% in annual terms, according to data from the General Administration of Customs of China (GACC), as cited by the Global Times on Wednesday.
The data shows that the value of exports reached 817.18 billion yuan ($121 billion), jumping 20.6%. The value of imports was also up, by 8.3% to 825.82 billion yuan (around $123 billion).
GACC spokesperson Li Kuiwen said at a press briefing on Wednesday that China’s trade with other BRICS nations has become increasingly closer in recent years. He pointed out that trade turnover soared from 960.21 billion yuan ($143 billion) in 2009 to 3.17 trillion yuan ($472 billion) in 2021.
Chinese imports of energy products and agricultural goods have seen rapid development, data shows. Over the first six months, China’s total imports of crude oil, natural gas and coal, and other energy products from other BRICS countries reached 298.98 billion yuan ($45 billion), an increase of 53.3%. Imports of agricultural products by the country rose 15.6% to 185.46 billion yuan ($28 billion).
BRICS, a five-nation economic bloc that includes Brazil, Russia, India, China, and South Africa, was established in 2006. It has more than a 16% share in global trade and represents more than 40% of the world’s population.