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China BRICS
02.05.24 11:18
Economics

China's trade turnover with other BRICS countries grew significantly in first quarter

Experts: Economic cooperation between the BRICS countries can help the global economy⁠


China's trade turnover with other BRICS countries rose 11 per cent year-on-year to 1.49 trillion yuan (US$205,7 billion) in Q1 2024. It accounted for 14.7 per cent of China's total foreign trade during the period, according to the country's General Administration of Customs (GAC). This is reported by China Daily, a partner of TV BRICS.

As for statistics on individual BRICS countries, China's exports to and imports from Brazil rose 25.7 per cent and 30.1 per cent respectively in the first quarter.

According to the GAC, trade volumes between China and Russia continued to grow during the period, driven by an increase in energy purchases, auto sales as well as general equipment sales.

Trade between China and India grew by 8.5 per cent.

Trade turnover between the Asian country and South Africa has been growing steadily for 14 years, the publication said. According to GAC data, China's exports to the African nation totalled 35.11 billion yuan in Q1, while imports from the country totalled 66.46 billion yuan.

Customs data also shows that Saudi Arabia and the UAE were among the top 10 largest energy suppliers to the PRC in Q1. With Egypt and Ethiopia, the Asian country is linked to co-operation in infrastructure development, while China's exports of contract projects to these two countries continued to grow over the period.

Chinese-made goods remain popular in Iran, with imports of Iranian goods up 15.2 per cent year-on-year.

Lyu Daliang, director of GAC's Department of Statistics and Analysis, noted that trade turnover between BRICS countries is about 20 per cent of the global total. According to the expert, the association can become a driver of global economic recovery.

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