China has witnessed significant growth in trade with BRICS members, recording a year-on-year increase of 11.3% in the first quarter of 2024, according to customs authorities. The trade volume reached an impressive ¥1.49 trillion ($209.7 billion), making up 14.7% of China’s total foreign trade during this period, as reported by the General Administration of Customs (GAC).
Brazil emerged as a key partner, with China’s exports to the country rising by 25.7% and imports surging by 30.1%. Meanwhile, trade with Russia continued to thrive, bolstered by an increase in energy, automotive, and machinery-related transactions.
China’s trade with India also expanded by 8.5%, marking five consecutive quarters of growth. Similarly, South Africa, China’s largest trading partner in Africa for 14 years, saw robust trade growth. China’s exports to South Africa reached ¥35.11 billion, while imports hit ¥66.46 billion.
The GAC also highlighted China’s continued energy trade with Saudi Arabia and the UAE, both of which ranked among China’s top 10 energy suppliers. Infrastructure projects in Egypt and Ethiopia are flourishing, with China’s exports of contracted projects to these nations showing rapid growth in Q1. Additionally, Iranian demand for Chinese-manufactured goods surged 15.2% year-on-year.
Lyu Daliang, Director of the GAC’s Department of Statistics and Analysis, noted that trade between BRICS members now accounts for approximately 20% of global trade. He emphasized the potential for further growth, with the BRICS alliance expected to play a pivotal role in global economic recovery and trade expansion.
BRICS, initially comprising Brazil, Russia, India, China, and South Africa, expanded its membership on January 1, 2024, welcoming Saudi Arabia, Egypt, the UAE, Iran, and Ethiopia.
