China boosts trade with BRICS by 13%

Trade between China and other BRICS members surged by 11.3 per cent in the first quarter (Q1) of 2024, reaching 1.49 trillion yuan ($209.7 billion), Xinhua reported by on Wednesday, citing Chinese customs data.

The BRICS trade volume now represents a significant portion of China’s overall foreign trade, accounting for 14.7 per cent in Q1. This growth highlights the deepening economic ties within the expanding BRICS bloc.

Trade with Brazil and Russia saw significant growth, with exports and imports rising by 25.7 per cent and 30.1 per cent year-on-year for Brazil, respectively.

Russia experienced continued trade expansion, particularly in energy, automobiles, and machinery. Trade with India expanded by 8.5 per cent, marking five consecutive quarters of growth.

Chinese exports to Iran grew by 15.2 per cent year-on-year, demonstrating the popularity of Chinese goods in the Iranian market.

As China’s top African trading partner for 14 years, South Africa trade with China witnessed robust growth, with exports and imports reaching 35.11 billion yuan and 66.46 billion yuan respectively.

China maintained strong energy trade co-operation with Saudi Arabia and the United Arab Emirates, who joined BRICS in 2024. Both countries ranked among the top 10 sources of China’s energy imports in Q1.