In the first half of 2022, China’s foreign trade with other BRICS countries amounted to 1.64 trillion yuan ($243.8 billion), up 14.1 percent year-on-year, 4.7 percentage points higher than the overall growth rate of the country’s foreign trade, indicating the closer trade ties among BRICS countries, data by the General Administration of Customs of China (GAC) on Wednesday showed.
Among them, the value of exports reached 817.18 billion yuan with an increase of 20.6 percent. The value of imports grew 8.3 percent to 825.82 billion yuan.
GAC Spokesperson Li Kuiwen said at a press briefing on Wednesday that since the BRICS leaders met in 2009, China’s trade with other BRICS countries has become increasingly closer, with the value of imports and exports growing from 960.21 billion yuan in 2009 to 3.17 trillion yuan in 2021, with an average annual growth rate of 10.5 percent.
According to the GAC, in the first half of the year, China’s foreign trade to other BRICS countries accounted for 8.3 percent of the total value of the country’s imports and exports, 0.2 percentage points higher than in 2021.
Imports of energy products and agricultural goods saw a rapid development. Over the first six months, China’s total imports of crude oil, natural gas and coal and other energy products from other BRICS countries reached 298.98 billion yuan, an increase of 53.3 percent, accounting for 36.2 percent of the total value of the country’s imports from other BRICS countries. Imports of agricultural products rose 15.6 percent to185.46 billion yuan.
Exports of new energy products also gained significant growth. In the first half of 2022, China’s exports of mechanical and electrical products to other BRICS countries hit 455.5 billion yuan, an increase of 16.2 percent, accounting for 55.7 percent of the total value of the country’s exports to other BRICS countries.
Among them, the value of exports of new energy products including solar cells, lithium-ion batteries grew by 99.7 percent and 67.3 percent, respectively.
The 24th BRICS summit, hosted on June 23 this year, has yielded fruitful results in terms of economic and trade progress, with a series of agreements reached on the digital economy, sustainable development, industrial chain stability and support for multilateralism, China’s Ministry of Commerce said.
Source:- Global Times
Illustration: Chen Xia/GT
