In a context of increasing globalization, international trade is an essential driver of economic growth. China, as the world’s second largest economy, plays a key role in global trade. Among its most important trading partners are the other members of the BRICS (Brazil, Russia, India, South Africa), which are high-growth developing countries.
According to data recently released by the General Administration of China Customs, China’s imports and exports with other BRICS countries experienced significant growth in the first seven months of 2023. This increase amounted to 19.1% year-on-year, reaching a total of 2.380 billion yuan (about 330.62 billion US dollars).
This increase in trade between China and other BRICS countries represents an increasingly large share of China’s foreign trade. Indeed, such trade accounted for 10.1 percent of China’s total foreign trade during this period, an increase of 1.6 percentage points over the previous year.
Chinese private enterprises have played a vital role in this expansion of trade between China and other BRICS countries. Their imports and exports rose 29.4 percent year on year, reaching a total of 1.36 trillion yuan. These trade accounts for 57.1% of China’s total imports.
The main drivers of this Chinese export growth are labor-intensive goods and mechanical and electrical products. Exports of mechanical and electrical products rose 38 percent from a year earlier, while those of labor-intensive goods rose 20.5 percent year-on-year.
Among the products that have seen strong export growth are lithium batteries and electric passenger vehicles. Exports of lithium batteries recorded an annual growth of 129.5% and those of electric passenger vehicles increased by 601.3% compared to the previous year.
As for Chinese imports, energy and agricultural products from BRICS countries were particularly in demand. In the first seven months of the year, China imported a total of 422.78 billion yuan worth of energy products from other BRICS members, up 17.3 percent from a year earlier.
This increase in trade between China and other BRICS countries testifies to close and mutually beneficial cooperation. This trend was highlighted at the 15th BRICS Summit, held in South Africa from August 22-24.. BRICS leaders discussed the group’s expansion, with many countries expressing interest in joining the alliance.
In conclusion, trade between China and the other BRICS countries is experiencing significant growth, driven by Chinese private companies and the growing demand for energy products and mechanical and electrical goods. This expansion of trade between China and other BRICS members demonstrates a strong economic partnership and contributes to the mutual growth of the countries concerned