China’s Trade with BRICS Nations Soars in First Quarter, Boosting Global Economic Prospects

Beijing, The Gulf Observer: China’s trade with fellow BRICS nations surged in the first quarter of 2024, signaling robust economic ties and potential for further growth, according to data released by the General Administration of Customs (GAC).

During the period, China’s trade with other BRICS members reached an impressive 1.49 trillion yuan, marking an 11.3 percent increase compared to the same period last year. This substantial rise underscores the resilience and dynamism of economic interactions within the BRICS framework.

Key highlights of the first quarter’s trade dynamics include significant increases in both exports to and imports from Brazil. Chinese exports to Brazil soared by 25.7 percent, while imports from the South American nation surged by 30.1 percent year-on-year, indicating a strengthening bilateral trade relationship.

Moreover, trade between China and Russia experienced notable expansion, particularly in sectors such as energy, automobiles, and general machinery and equipment. This trend underscores the deepening economic cooperation between the two countries.

In the case of India, trade volumes witnessed a steady growth of 8.5 percent, marking the fifth consecutive quarter of positive growth and reaffirming the enduring trade partnership between China and India.

Meanwhile, South Africa, China’s largest trading partner in Africa for 14 consecutive years, saw robust growth in bilateral trade. During the first quarter, China’s exports to South Africa reached 35.11 billion yuan, with imports from the African nation totaling 66.46 billion yuan, highlighting the mutual benefit derived from their trade relations.

Furthermore, China’s collaboration with Saudi Arabia and the United Arab Emirates in the energy sector remained strong, with both countries featuring among the top 10 sources of energy products imported into China.

In addition to energy cooperation, China enhanced its infrastructure collaboration with Egypt and Ethiopia, with rapid growth observed in the export of contracted projects to these countries during the first quarter.

The popularity of Chinese-manufactured goods in Iran also surged, with a notable 15.2 percent year-on-year increase in exports to the Iranian market during the first quarter.

Lyu Daliang, Director of the GAC’s Department of Statistics and Analysis, emphasized that trade among BRICS countries accounted for approximately 20 percent of the world’s total trade value. He highlighted the immense potential for further growth within the BRICS framework, positioning the bloc as a key driver of global economic recovery and trade development.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded its membership on January 1, 2024, with the inclusion of Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia. This expansion underscores the increasing significance of BRICS as a platform for fostering economic cooperation and shared prosperity among emerging-market economies.