Trade between China and other BRICS members has witnessed significant growth in the first months of 2023. According to data released by the General Administration of Customs of China, such trade has increased by 19.1% per year. compared to the same period of the previous year, reaching a total amount of 2.380 billion yuan, or about 330.62 billion US dollars.
These figures show a 10.1 percent increase in the share of trade between China and other BRICS countries in China’s overall foreign trade, compared to the previous year. Trade between China and other BRICS members is now 1.6 percentage points higher than a year ago, according to Chinese customs authorities.
Chinese private companies play a major role in this expansion of trade between China and the BRICS. Their imports and exports rose 29.4 percent from a year earlier, reaching a total of 1.36 trillion yuan in the first 7 months of the year. These exchanges thus represent 57.1% of China’s total imports.
China’s exports to other BRICS countries were boosted by labor-intensive sectors, as well as mechanical and electrical products. Exports of these sectors increased by 20.5% and 38% respectively compared to the previous year during the period from January to July 2023. Notably, the exports of lithium batteries saw an annual growth by 129.5% and exports of electric passenger vehicles increased by 601.3%.
At the same time, China’s imports of energy products and agricultural products from other BRICS countries have also been steadily increasing. In the first seven months of the year, China imported a total of 422.78 billion yuan worth of energy products from the BRICS, up 17.3 percent from a year earlier.
This positive trend in trade between China and other BRICS countries highlights the importance of economic and trade cooperation among this group. The 15th edition of the BRICS Summit, taking place in South Africa, will notably address the question of the enlargement of the group, with many countries expressing their wish to join this economic alliance.
In conclusion, trade between China and other BRICS members has seen significant growth in the first months of 2023, thanks in particular to the contribution of Chinese private companies.. China’s exports in labor-intensive sectors and mechanical and electrical products were the main drivers of this growth, while imports of energy and agricultural products from the BRICS also increased. This dynamic testifies to the growing importance of economic cooperation within the BRICS group