China boosts trade with BRICS countries
China continues to strengthen its trade ties with BRICS member countries (Brazil, Russia, India, China and South Africa). According to data released by the General Administration of China Customs, imports and exports between China and other BRICS members rose 19.1 percent in the first seven months of the year, reaching 2.38 trillion. yuan (about 330.62 billion dollars).
These figures show that trade between China and other BRICS countries currently accounts for 10.1 percent of China’s total foreign trade, an increase of 1.6 percentage points from the previous year. It is also worth noting that Chinese private enterprises play a key role in this expansion, contributing 57.1% of China’s total imports.
The main drivers of this growth are labor-intensive goods and mechanical and electrical products, which recorded a significant increase. Exports of mechanical and electrical products increased by 38% compared to the previous year, while those of labor-intensive goods increased by 20.5%. Among these products, lithium batteries and electric passenger vehicles have experienced tremendous growth, with annual increases of 129.5% and 601.3% respectively.
This increase in trade between China and other BRICS countries is a reflection of close cooperation and growing demand in the international market. Chinese imports of energy products and agricultural products have also seen a steady increase, underscoring the economic importance of these partnerships.
At the 15th BRICS Summit, held in South Africa, leaders of member countries discuss the group’s expansion and membership criteria. This meeting aroused the interest of many countries wishing to join the BRICS, thus testifying to the growing influence of the group on the international scene.
In conclusion, trade between China and BRICS countries continues to grow significantly, boosting economic cooperation and strengthening ties between these countries. This positive trend opens new development opportunities and strengthens the influence of BRICS on the world stage