Russia’s trade turnover with BRICS countries surged by 6.3% in the first five months of 2024 compared to the same period in the previous year, as reported by Russian Industry and Trade Minister Anton Alikhanov during a meeting of BRICS industry ministers in Nizhny Novgorod.
This increase was a positive indicator of the resilience and potential of BRICS economies, even in the face of geopolitical tensions and global market fluctuations. The rise in trade turnover is largely driven by increased exports of Russian energy resources, agricultural products, and raw materials to BRICS nations. At the same time, Russia has boosted its imports of machinery, equipment, and advanced technology from its BRICS counterparts, reflecting a deepening integration of their industrial and technological sectors.
The meeting in Nizhny Novgorod also provided a platform for BRICS industry ministers to discuss strategies for further enhancing trade and industrial cooperation. Key topics included the potential for joint industrial projects, the development of sustainable and innovative technologies, and the creation of a more resilient supply chain network within the BRICS framework. These discussions are aimed at not only sustaining but also accelerating the growth of trade turnover in the coming years.
Russia’s focus on strengthening economic relations with BRICS is part of a broader strategy to diversify its trade partnerships and reduce reliance on traditional Western markets. The positive trend in trade turnover underscores the potential for BRICS countries to play a pivotal role in the global economy, leveraging their collective strengths to foster mutual growth and development.
