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China, other BRICS countries report rapid trade expansion in Jan-July

Xinhua | August 21, 2023


Products are displayed at the commodity service center for products of the BRICS countries in Xiamen City, east China's Fujian Province, June 23, 2022.(Xinhua/Wei Peiquan)

China's trade with the other four BRICS countries maintained rapid expansion in the first seven months of the year, official data showed Monday.

China's imports and exports with other BRICS members expanded 19.1 percent year on year to 2.38 trillion yuan (about 330.62 billion U.S. dollars) during the January-July period, data from the General Administration of Customs showed.

Exports grew 23.9 percent year on year to 1.23 trillion yuan while imports rose 14.3 percent from a year ago to 1.15 trillion yuan, the data showed.

Trade with these countries accounted for 10.1 percent of China's total foreign trade in the first seven months. The figure was up 1.6 percentage points from a year ago, according to the customs authorities.

China's trade with other BRICS countries grew 17 percent year on year to 3.69 trillion yuan in 2022, customs data showed.

China's private enterprises were the main contributor to its trade expansion with other BRICS countries. Imports and exports of these enterprises increased 29.4 percent year on year to 1.36 trillion yuan in the first seven months, accounting for 57.1 percent of the country's total.

Major export growth drivers were labor-intensive goods, and mechanical and electrical products, according to the customs authorities.

Exports of mechanical and electrical products rose 38 percent year on year during the January-July period, while that of labor-intensive goods went up 20.5 percent from a year ago, the data showed.

In particular, exports of lithium batteries and electric passenger vehicles logged a year-on-year growth of 129.5 percent and 601.3 percent, respectively.

Boosted by close cooperation, China's imports of energy products and agricultural produce saw a steady increase. The country purchased a total of 422.78 billion yuan of energy products from other BRICS members in the first seven months, up 17.3 percent from a year ago.