Trade between China and BRICS countries continues to flourish in 2023, with a notable increase in imports and exports. According to the latest data from the General Administration of Customs of China, trade between China and other BRICS members increased by 19.1% in the first seven months of the year to reach 2.380 billion. yuan, or about 330.62 billion dollars.
This growth in trade between China and BRICS countries now accounts for 10.1 percent of China’s total foreign trade, an increase of 1.6 percentage points over the previous year.
One of the main reasons for this increase is the major contribution of Chinese private enterprises, which account for 57.1% of China’s total imports. Their imports and exports rose 29.4 percent from a year earlier, reaching 1.36 trillion yuan in the first seven months of 2023.
Mechanical and electrical products, as well as labour-intensive goods, were the main drivers of export growth. Exports of mechanical and electrical products recorded an increase of 38% compared to the previous year, while those of labor-intensive goods increased by 20.5%.
Among the most exported products are lithium batteries and electric passenger vehicles, which have experienced an impressive annual growth of 129.5% and 601.3% respectively.
At the same time, China’s imports of energy products and agricultural products from BRICS countries have been steadily increasing. In the first seven months of 2023, China purchased a total of 422.78 billion yuan worth of energy products from fellow BRICS members, up 17.3 percent from a year earlier.
This increase in trade between China and BRICS countries is a reflection of close cooperation and strong economic partnership. It also shows the growing importance of economic relations between these countries and their desire to develop mutually beneficial exchanges.
In conclusion, trade between China and other BRICS members continues to grow significantly in 2023. Chinese private enterprises play a vital role in this expansion, while mechanical and electrical products as well as labor-intensive goods labor are the main drivers of export growth