China Boosts Trade with Other BRICS Countries

BRICS, which initially included Brazil, Russia, India, China, and South Africa, expanded to 10 countries as of January 1, 2024, with the addition of Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia. Prior to this expansion, China’s trade with BRICS countries grew at an annual rate of 11.3%, reaching 4.32 trillion yuan ($604.8 billion) in 2023. Following the expansion, the share of these countries in global trade exceeded 20%, and China’s trade with the nine other BRICS nations in 2024 increased to 4.62 trillion yuan ($646.8 billion), reflecting a 1.5% growth compared to the previous year.

Industrially, China and BRICS countries complement each other across various sectors, including steel, chemicals, and textiles. Chinese exports to BRICS nations in areas such as integrated circuits, panel displays, and aircraft components recorded double-digit growth in the first three quarters of 2024. Moreover, in the agricultural sector, over 80% of imported chicken, frozen fish, and more than 50% of crab consumed in China are sourced from other BRICS countries. Chinese agricultural products, including garlic, tomatoes, and oranges, have also gained significant popularity in BRICS nations, while China’s exports of machinery for harvesting crops, pesticides, and herbicides grew by more than 20%.