China-BRICS Trade Grew 14.1% In H1 2022 to US$244 Billion

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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.

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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 or visit us at