BRICS+ Gains Ground in Global Economy, Projected to Surpass G7 in Exports
BRICS+—comprising Brazil, Russia, India, China, and South Africa—is positioning itself as a major global economic force. According to a report by Shape the Future with Confidence, BRICS+ now accounts for 36.7% of global GDP by purchasing power parity (PPP), 23.3% of global merchandise trade, and represents 45.2% of the world’s population.
Since 2000, BRICS+ has doubled its share of global merchandise exports from 10.7% to 23.3%, while the G7’s share has declined from 45.1% to 28.9%.
This trend reflects the growing influence of BRICS+ over the industrialized economies of the G7, and projections suggest that BRICS+ could surpass the G7 in exports by 2026.
To strengthen economic independence, BRICS+ is creating an international transaction platform as an alternative to the SWIFT system, aiming to reduce transaction costs.
Additionally, the bloc is exploring the establishment of a reserve currency backed by gold and other commodities, which would enhance trade stability and investment security.
Within BRICS+, China and India are the primary drivers of growth. China alone accounted for 62.5% of the group’s exports in 2023, up from 36.1% in 2000, while India’s share reached 7.9%. These nations, along with Brazil, Russia, Saudi Arabia, and the UAE, are expanding their influence in global trade.High-Tech Specialization
The BRICS+ countries are diversifying beyond commodities, making significant strides in high-tech exports. By 2022, they contributed to 49.6% of global textile exports, 41.3% of telecommunications equipment, and 35.7% of electronics and office equipment. This growing specialization underscores BRICS+’s shift toward high-value industries.
Future Outlook
With a broadening membership and plans for a unified currency, BRICS+ has the potential to reshape the global economic landscape.
As emerging economies increasingly compete with advanced economies, BRICS+ is establishing itself as a formidable force in international trade.
