China's trade with other BRICS members up 11.3% YoY in Q1 2024

02 May '24

2 min read

China's trade with other BRICS members up 11.3% YoY in Q1 2024

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China's trade with other BRICS members hit $209.7 billion in Q1 2024—up by 11.3 per cent YoY, customs data show.
The trade value accounted for 14.7 per cent of its total foreign trade value during the period.
The value of goods trade among BRICS countries accounted for about a fifth of the world total, China's general administration of customs said.

China's trade with other BRICS members hit 1.49 trillion yuan (~$209.7 billion) in the first quarter (Q1) this year—up by 11.3 per cent year on year (YoY), the country’s general administration of customs (GAC) said.

The trade value accounted for 14.7 per cent of the country’s total foreign trade value during the period.

The country’s exports to Brazil and imports from there rose by 25.7 per cent and 30.1 per cent YoY respectively in Q1 2024. Trade between China and Russia continued to expand during the quarter. Trade between China and India grew by 8.5 per cent YoY in the quarter, marking growth for five quarters in a row.

China's exports to South Africa in Q1 2024 totaled 35.11 billion yuan, while its imports from the African nation stood at 66.46 billion yuan, a state-controlled media outlet reported.

Chinese goods exported to the Iranian market grew by 15.2 per cent year on year in the quarter.

The value of goods trade among BRICS countries accounted for about a fifth of the world total, GAC said.

There remains great potential for trade to grow among BRICS nations and the bloc is expected to become an "accelerator" for global economic recovery and trade development, the official said.

The BRICS bloc now comprises Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Iran and Ethiopia.

Fibre2Fashion News Desk (DS)

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