China’s July 2023 Imports and Exports with BRICS Nations Surge by 19.1%
In January-July 2023, China’s imports and exports with other BRICS members rose 19.1 percent year-on-year to 2.38 trillion yuan (about $330.62 billion).
These data published by the General Administration of Customs of China were relayed by its Embassy in the Democratic Republic of Congo (DRC).
According to the same source, trade between China and other BRICS countries amounted to 10.1 percent of China’s total foreign trade in the first seven months, up 1.6 percentage points. more than a year ago, according to Chinese customs authorities.
China’s trade with other BRICS countries rose 17 percent year on year to 3.69 trillion yuan in 2022, according to data from the customs administration.
Chinese private enterprises are the main contributor to China’s expanding trade with other BRICS countries.
Imports and exports of these enterprises rose 29.4 percent year on year to 1.36 trillion yuan in the first seven months, accounting for 57.1 percent of China’s total imports.
The main drivers of export growth are labour-intensive goods and mechanical and electrical products.
As for exports of mechanical and electrical products, these increased by 38% compared to last year during the period January-July 2023, while those of labor-intensive goods increased 20.5% year-on-year, according to the same official data.
In particular, exports of lithium batteries and electric passenger vehicles recorded annual growth of 129.5% and 601.3%, respectively.
Boosted by close cooperation, China’s imports of energy products and agricultural products have steadily increased. The country purchased a total of 422.78 billion yuan worth of energy products from fellow BRICS members in the first seven months, up 17.3 percent year-on-year.
As a reminder, the 15th BRICS Summit is being held in South Africa from August 22 to 24 under the theme: “Partnership for mutually accelerated growth, sustainable development and inclusive multilateralism”.
According to BRICS officials, this spirit has sparked the interest of about 40 countries to join the group.
At the summit, the leaders discuss the expansion of the BRICS group, including membership criteria and guiding principles, South Center Executive Director Carlos Maria Correa noted in a recent interview with Xinhua.
“Twenty-two countries have formally applied to BRICS countries to become full members. An equal number of countries informally asked about BRICS membership. said Anil Sooklal, South Africa’s Ambassador to the BRICS.
