The Trade Contacts Between China and the Other BRICS Countries are Becoming Increasingly Close
In 2024, the number of BRICS 10 member states has expanded to ten. According to customs statistics, China's imports and exports to the other nine BRICS countries totaled 1.49 trillion yuan in the first quarter, a year-on-year increase of 11.3%, accounting for 14.7% of China's total import and export value.
Specifically, Brazil is China's largest trading partner in Latin America. In the first quarter, China's exports and imports to Brazil have increased by 25.7% and 30.1% year-on-year, respectively. Besides, the trade between China and Russia has also continued to expand, especially in the areas such as energy, automobiles, and general machinery and equipment since the beginning of this year. As for the trade between China and India trade, it has grown year-on-year for five consecutive quarters, with a growth rate of 8.5% in the first quarter. Moreover, South Africa has been China's largest trading partner in Africa for 14 consecutive years. In the first quarter, China has exported 35.11 billion yuan to South Africa and imported 66.46 billion yuan from South Africa.
In addition, China maintains such an excellent cooperation with Saudi Arabia and the United Arab Emirates in the field of energy trade that the two countries have been among the top ten import source countries for China's energy products in the first quarter. In the field of infrastructure, China has engaged in practical cooperation with Egypt and Ethiopia, to both of which China's exports of foreign contracted projects in the first quarter have achieved rapid growth. In Iran, China’s petty commodities are also widely popular, and in the first quarter, China’s purchasing export to the Iranian market has increased by 15.2% year-on-year.