Trade between China and other BRICS nations surged by 11.3 percent in the first quarter, reaching a total of 1.49 trillion yuan ($209.7 billion), as reported by China’s General Administration of Customs (GAC). This robust growth constituted 14.7 percent of China’s total foreign trade value for the same period, Xinhua reports.
Notably, China’s exports to Brazil and imports from Brazil experienced significant increases of 25.7 percent and 30.1 percent, respectively. Trade with Russia saw a similar trend, with notable expansion in energy, automobile, and machinery sectors. Similarly, trade with India increased by 8.5 percent, marking five consecutive quarters of growth.
South Africa, maintaining its position as China’s largest trading partner in Africa for 14 consecutive years, witnessed substantial growth in bilateral trade. Meanwhile, Saudi Arabia and the United Arab Emirates emerged as significant partners in energy trade, ranking among China’s top 10 sources of energy imports.
China also deepened cooperation with Egypt and Ethiopia in infrastructure projects, leading to rapid growth in export of contracted projects to these countries.
Iran exhibited a growing appetite for Chinese goods, with a 15.2 percent year-on-year increase in Chinese exports to the Iranian market.
Lyu Daliang, Director of GAC’s Department of Statistics and Analysis, highlighted that BRICS countries accounted for around 20 percent of the world’s total goods trade, indicating substantial potential for further growth. He emphasised BRICS’s role as an “accelerator” for global economic recovery and trade development.
