China's trade with other BRICS partners rises 19% to over $300b

China's foreign trade with other BRICS countries-Brazil, Russia, India and South Africa-soared 19.1 percent year-on-year to 2.38 trillion yuan ($326.85 billion) in the first seven months of 2023, data from the General Administration of Customs showed.

This accounted for 10.1 percent of the country's total foreign trade value during the seven-month period, marking a rise of 1.6 percentage points. 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, with a growth of 14.3 percent on a yearly basis.

China's private companies have been continuously expanding into the markets of other BRICS countries, with their trade volume experiencing rapid growth. Customs statistics reveal that their foreign trade amounted to 1.36 trillion yuan with these economies between January and July, representing a growth of 29.4 percent.

This accounted for 57.1 percent of the total trade volume between China and other BRICS countries during the same period.

In the meantime, China saw its exports of electromechanical products to other BRICS countries surge 38 percent year-on-year to 759.45 billion yuan. 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.