China increases trade with other BRICS countries

Trade between China and the other BRICS countries has seen an annual increase of 12.1%, reaching 1.31 trillion yuan (about US$195.96 billion) in the first five months of 2022, customs data showed on Tuesday, June 23.

The trade rate among BRICS countries is 3.8 percentage points faster than China’s overall foreign trade growth over the same period, according to China’s General Administration of Customs (GAC).

BRICS is the acronym for a group of emerging markets that includes Brazil, Russia, India, China, and South Africa. From January to May, China’s exports to the other four BRICS members increased by 18.1% annually, while imports increased by 6.6%, GAC data revealed.

Mechanical and electronic products, as well as labour-intensive goods, accounted for 69.7% of China’s exports to the other BRICS countries in terms of value in the five months, while 76.3% of Chinese imports from the BRICS were energy and agricultural products, as well as metallic ore.

See below the track record of iron ore shipments from Brazil to China in the period from January 2020 to April 2021. The data is from DataLiner.

Exports of Iron Ore and Concentrates (NCM 2601) to China | Jan 2020 – April 2022| WTMT

Source: DataLiner (click here to request a demo)

Trade between China and the other BRICS countries is highly complementary and is projected to continue growing as BRICS economic and trade cooperation progresses.

Source:Monitor Mercantil

To read the full original article, please go to: https://monitormercantil.com.br/china-registra-crescimento-de-comercio-robusto-com-paises-brics/

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