China-BRICS Trade Grew 14.1% In H1 2022 to US$244 Billion
China trade increases also with RCEP and the BRI countries
Shanghai Container Terminal at sunset
China’s trade with the BRICS nations (Brazil, Russia, India and South Africa) grew by 14.1% in the period January-June this year. That is 4.7% points higher than the overall growth rate of China’s trade in the same period, illustrating the increasing trade emphasis and dynamics the China-BRICS corridor now has.
That is a marginally higher growth rate than China-EU trade, significantly higher than China-US trade and slightly behind the China-ASEAN trade growth levels.
Total trade between China and the other BRICS countries reached US$244 billion, with Chinese exports up 20.6%% and imports from the BRICS nations up 8.3%.
Of all BRICS imports, crude oil, natural gas, coal, and other energy products accounted for 36.2%, while imports of agricultural products accounted for 22.5%. Iran and Argentina have made official applications to also join the grouping.
China’s trade with countries and regions along the Belt and Road Initiative also increased by 17.8% while those with partners under the RCEP free trade agreement rose by 5.6%.
US and EU trade in comparison has generally been fairly static during the first half of 2022, with minor increases.
Chris Devonshire-Ellis is the Chairman of Dezan Shira & Associates. The firm assists British and Foreign Investment into Asia and has 28 offices throughout China, India, the ASEAN nations and Russia. For strategic and business intelligence concerning China’s Belt & Road Initiative please email email@example.com or visit us at www.dezshira.com