China's trade with BRICS countries jumps by 14.1% YoY in H1 2022

13 Jul '22

1 min read

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China's trade with other BRICS countries in the first half (H1) of this year was worth 1.64 trillion yuan ($243.8 billion), up by 14.1 per cent year on year (YoY), according to data by the general administration of customs (GAC). The figure was 4.7 percentage points higher than the overall growth rate of the country's foreign trade, indicating closer trade ties among BRICS nations.

Exports to BRICS nations reached 817.18 billion yuan—an increase of 20.6 per cent—while imports grew by 8.3 per cent to 825.82 billion yuan.

China's trade with other BRICS countries grew from 960.21 billion yuan in 2009 to 3.17 trillion yuan in 2021, with an average annual growth rate of 10.5 per cent, GAC spokesperson Li Kuiwen told a press briefing recently.

In H1 2022, China's foreign trade to BRICS countries accounted for 8.3 per cent of the total value of the country's imports and exports, 0.2 percentage points higher than in 2021, official Chinese media reported.

Meanwhile, the 24th BRICS summit, hosted on June 23 this year, resulted in the signing of a series of agreements on digital economy, sustainable development, industrial chain stability and support for multilateralism, China's commerce ministry said.

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