China's Jiangsu province's trade volume with BRICS countries surges to record high in new year

In the first two months of 2024, the volume of China's foreign trade with BRICS countries in Jiangsu Province, the economic hub of East China, rose to a record 102,22 billion yuan (about US$14.4 billion), up 36 percent year-on-year. This was reported by China Daily, a partner of TV BRICS, citing data from Nanjing Customs.

Jiangsu's trade volumes with India and Brazil showed the biggest growth, rising to 25,31 billion yuan (US$3,5 billion, up 12 per cent) and 23,87 billion yuan (US$3,3 billion, up 36 per cent) respectively.

According to customs officials, this trend can be attributed to the strong private sector in the province's economy. Meanwhile, Jiangsu has also made progress in exporting three major high-tech products that are gaining popularity in BRICS markets – alternative energy vehicles, lithium-ion batteries and photovoltaic products.

BRICS was founded in 2006 and has undergone two waves of expansion. In 2011, South Africa joined the original membership of Brazil, Russia, India and China, and in August 2023, six new members – Argentina, Egypt, Ethiopia, Egypt, Iran, Saudi Arabia and the UAE – were invited to join. Argentina subsequently declined to join the alliance, while the other 5 countries became part of the alliance from 1 January 2024.