China's trade with other BRICS nations sees rapid growth in Jan.-July

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Sign of BRICS which groups five emerging economies of Brazil, Russia, India, China and South Africa. /CFP

In the first seven months of 2023, China's foreign trade with other BRICS countries (Brazil, Russia, India and South Africa) soared 19.1 percent year-on-year to 2.38 trillion yuan (about $326.85 billion), according to data released by the General Administration of Customs (GAC) on Monday.

The new figure accounted for 10.1 percent of China's total foreign trade value during the January-July period, marking a rise of 1.6 percentage points.

In terms of exports, China's trade with these countries totaled 1.23 trillion yuan, showing a year-on-year growth of 23.9 percent. On the other hand, the country's imports from other BRICS countries reached 1.15 trillion yuan, with a year-on-year growth of 14.3 percent.

In addition, GAC statistics revealed that China's private companies have been continuously expanding into the markets of other BRICS countries, with their trade volume experiencing rapid growth.

During the seven-month period, their foreign trade with these economies amounted to 1.36 trillion yuan, with a year-on-year growth of 29.4 percent, accounting for 57.1 percent of the total trade volume between China and other BRICS countries during the period.

Since the establishment of the BRICS mechanism in 2006, economic and trade cooperation has been continuously consolidated and developed, making the mechanism an important engine for the global economic recovery.

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