Trade Relations among BRICS Countries – Intra-BRICS Trade Statistics

02 January 2018

BRICS is the acronym used for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Before induction of South Africa in 2010, it was BRIC. The first BRIC summit was held at Yekaterinburg city of Russia on 16^th June 2009. The last BRICS summit was held between 3 Sept and 5 Sept 2017 at China’s Xiamen city. The bilateral trade among BRICS play a major role in world’s economic development.

As per a report on BRICS trade relations, the contribution of all the countries in global imports and exports amounted to USD 2339 billion and USD 2902 billion respectively in 2016. That means, BRICS countries recorded trade surplus in an aggregate during this year. They contributed 14.6% to global imports and 18.2% to global exports. Energy sector is in 2^nd place to total imports, while 3^rd place to total exports of BRICS countries. Let’s analyse BRICS trade statistics with prime focus on energy industry.

    

Brazil, Russia, India, China, South Africa (BRICS) Imports and Exports

The aggregate import and export value of BRICS amounted to USD 2339183 million and USD 2902801 million respectively in 2016. China stood as the largest trading country both in terms of imports and exports among BRICS nations and in the world as well. Here is just a quick trade overview of Brazil, Russia, India, China and South Africa with their import and export statistics.

 

 

A report on trade data of BRICS released by Export Genius, gives a comprehensive outlook on bilateral trade relations between major countries including India, China and Russia. This market research company provides authentic import export data with complete shipment record collected from various genuine sources. So, let’s just go through this report and highlight the main points.

Trade Relations between India and Russia

India-Russia trade relations acquired greater significance in 2000 when both the countries signed “Declaration on the India-Russia Strategic Partnership”, during the visit of Russian President, HE Mr. Vladimir Putin to India. In 2016, a joint statement, “Partnership for Global Peace and Stability” was issued by Indian Prime Minister Narendra Modi and Russian President Vladimir Putin. It resulted in 19 cooperation agreements in areas including space, trade & investment, defence, railways and hydrocarbons.

India’s imports from Russia rose to USD 4782 million in 2016 from 2015’s USD 4527 million. Since 2012, the values have been almost similar, except in 2013. And India’s exports to Russia have been recording fluctuations since 2012. On the whole, India’s total trade with Russia went up to USD 7.5 billion in 2016, registering an impressive growth rate of 22%. Let’s have an outlook of India-Russia trade in last 5 years.

 

   

Bilateral trade between India and Russia is concentrated in key value chain sectors including electronics, machinery, automobile, pharmaceuticals, chemicals, precious stones, fertilizers, petroleum products, coal, industrial metals and high-end tea & coffee products. India and Russia are into Free Trade Agreement (FTA) to expand energy trade including gas, oil & nuclear. Recently, both the countries have agreed to streamline their bilateral trade in diamonds through reductions in tariffs and regulations. Russia has agreed to build more than 20 nuclear reactors in India over the next 20 years.

Gems and Jewelry are the major India’s imports from Russia, followed by petroleum products, fertilizers, iron & steel and paper products. India imported pearls & precious stones maximum in 2016 with total value recorded USD 2024 million. While, India exported pharmaceutical products the most to Russia in 2016 with total value recorded USD 335 million. Here is an overlook of top 5 India’s imports from and exports to Russia.

 

 

Read More about Bilateral Trade Relations between India and Russia

Bilateral Trade between Russia and China

The two-sided trade between Russia and China has grown rapidly as both the countries have committed to boosting economic cooperation. After dissolution of the Soviet Union in 1991, their relations have dramatically improved. And in 2001, Russia and China signed a treaty of “friendship and cooperation.

Total Russia’s imports from China amounted to USD 38086 million in 2016. Since 2012, Russia has been reducing its imports from China as the import value has been declining rapidly. From 2012’s USD 51767 million, the import value decreased to USD 38086 million in 2016. And total Russia’s exports to China amounted to USD 28081 million in 2016, which also declined greatly from 2012’s USD 35766 million. Here is a look on Russia China trade statistics recorded in the last five years.

 

  

Machinery is the largest Russia’s imports from China, followed by electronics, plastics and textiles. And mineral fuels are the top Russia’s exports to China, followed by wood, machinery and fish. Machinery recorded USD 11098 million and mineral fuels recorded USD 17862 million in 2016. Check out the top-most Russia’s imports from and exports to China in the chart and table given below.

 

 

The bilateral trade between Russia and China in energy industry has been marked by great cooperation among both the countries since dissolution of the USSR in 1991. Russia’s economy is largely driven by the demand for the export of natural resources, while China’s fastest growing economy is placed with increasing pressure on itself to secure energy imports.

Read More about Bilateral Trade between Russia & China

India China Trade Relations

The relations between India and China have always been one of the hot topics for discussion around the world. Despite recent 2017 Doklam standoff, both the countries are playing a leading role in the world’s economic affairs. According to a report on India China trade relations 2017, India’s trade deficit with China amounted to USD 46.56 billion in 2016. China is India’s largest trading partner with India’s imports from China amounted to USD 60483 million and India’s exports to China amounted to USD 8916 million in 2016. Both trade values recorded a decline from the previous years. India China trade statistics of last 5 years are given below.

 

 

As we know China has one of the largest electronic industries in the world, India imported electrical machinery and equipment the most in 2016. The second and third major India’s import from China is machinery and organic chemicals respectively. As far as India’s exports to China, cotton stood as the largest product exported by China from India in 2016. Here are India’s top imports from and exports to China registered in year 2016.

 

   

As India’s trade with China takes place under new taxation system when Goods and Services Tax (GST) implemented on 1^st July 2017; the new custom duties are applicable on products that enter into India from China. Indian importers now have to pay a standardised tax on goods they import from China. GST and border issues are main facts that may result in declining India’s imports from China in future. If it happens, it will be beneficial to domestic Indian producers. Now we have to wait and watch total trade between India and China 2017 as year comes to an end.

Read more about India and China Bilateral Trade

China and Brazil Trade

China’s strategic partnership with Brazil is distinctly different from that of other BRICS members like India and Russia. China is the largest developing country in the world, while Brazil is the largest developing nation in the Western Hemisphere. Brazil’s vast natural resources like soya beans, iron ores, etc. are key to China’s economy. According to China Brazil trade statistics 2016, China’s imports from Brazil amounted to USD 45855 million, which declined from 2015’s USD 44089 million. And the total value of China’s exports to Brazil recorded USD 21976 million in 2016, which declined from 2015’s USD 27412 million. In short, Brazil has become increasingly important for China due to political and economic features. Check out Brazil and China trade statistics recorded in 2016 right here.

 

 

So, if you want to import or export your product in Brazil, Russia, India, China or South Africa; our trade data provides you details of importers & exporters. Apart from that, we also provide HS Code, product description, value, quantity, port and other shipment record. Check out the sample of Brazil import of HS Code 48131000 right below and understand which fields we cover.

 

We are one of the largest market research companies, providing import export data of 60+ countries. For any data requirement, drop an email to [email protected] or call us at +91 11 4704 8012 right now.