China's trade with other BRICS countries sees 19.1 percent y-o-y increase in first 7 months

(ECNS) -- Data from China's General Administration of Customs (GAC) on Monday showed that China's foreign trade with other BRICS member states -- Brazil, Russia, India and South Africa -- saw a year-on-year increase of 19.1 percent to 2.38 trillion yuan ($326.85 billion) in the first seven months of 2023, accounting for 10.1 percent of the country's total foreign trade value, or a rise of 1.6 percentage points.

The administration said since the establishment of BRICS, trade cooperation among its members continues to consolidate and develop, driving it to become an engine for global economic recovery.

Specifically, China's exports to these countries totaled 1.23 trillion yuan, showing a year-on-year growth of 23.9 percent, while its imports reached 1.15 trillion yuan, a growth of 14.3 percent on a yearly basis.

China's private companies have been continuously enlarging their market share in other BRICS countries. Customs statistics show that their foreign trade with the countries amounted to 1.36 trillion yuan between January and July, representing a growth of 29.4 percent. The number accounted for 57.1 percent of the total trade volume between China and other BRICS countries during the same period.

Meanwhile, from January to July, China exported electromechanical products valuing 759.45 billion yuan to other BRICS countries, an increase of 38 percent year on year. Among them, exports of lithium batteries and electric passenger vehicles grew exponentially, with growth rates of 129.5 percent and 601.3 percent year on year, respectively.

In 2022, China’s trade volume with other BRICS members was 3.69 trillion yuan, said GAC.