China's trade with BRICS bloc rises 32.9% from Jan-Jul

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China's trade volume with BRICS countries reached 1.15 trillion yuan (174.7 billion US dollars) in the first seven months of 2017, a 32.9-percent increase in the same period last year, customs data released on Tuesday showed.

That rate is higher than the 18.5-percent growth rate China posted in foreign trade during the same period, according to the General Administration of Customs.

China's total import turnover with the other four BRICS members in the first seven months of this year hit 561.88 billion yuan, up 37.7 percent from a year ago, while exports were at 586.58 billion yuan, up 28.7 percent.

As a result, China's trade surplus with the BRICS bloc stands at 24.7 billion yuan, down 48.5 percent compared to the same period last year.

The trade statistics come just days before the BRICS Summit, which opens in China's southeastern coastal city of Xiamen in Fujian Province on Sunday.

Night scene of China's southeastern coastal city of Xiamen in Fujian Province /VCG Photo

"There is enormous potential for cooperation in trade, investment, finance and infrastructure among the five countries," said Jiang Zengwei, head of the China Council for the Promotion of International Trade.

Trade is one of the four topics slated to be discussed at the BRICS Business Forum, a major side-event of the summit.

Themed "BRICS: Stronger Partnership for a Brighter Future", the forum is expected to bring together a record 1,200 attendees, including executives from more than 50 Fortune 500 multinationals.

They will discuss and exchange ideas on topics such as trade and investment, connectivity, financial cooperation and development and “Blue Economy.”