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11 Nov, 2021 10:11

BRICS nations raise trade to pre-Covid highs

BRICS nations raise trade to pre-Covid highs

The volume of trade between Moscow and BRICS member states grew by almost a third during the first eight months of this year in annual terms, amounting to $42.1 billion.

That’s according to Deputy Mayor of Moscow Vladimir Efimov, who told TASS that economic cooperation between January and August was also 12.5% ​​higher than during the same period of 2019, when trade turnover amounted to $37.43 billion. 

“Moscow’s trade with the bloc member states is quite balanced, exports to the BRICS countries account for about $20 billion while imports [account] for around $22 billion,” Efimov said.

Data by the Mosprom Center shows that Moscow’s non-resource exports to China amounted to $1.11 billion this year. Exports to India stood at $340.13 million, while Moscow sent goods worth $20.45 million and $27. 38 million to Brazil and South Africa, respectively. Moscow exports mainly industrial products to the BRICS countries, including mechanical equipment, plastic products, electrical devices, as well as communications equipment and components.

BRICS, a five-nation economic bloc, was established in 2006 and includes Brazil, Russia, India, China and South Africa. It has more than a 16% share in global trade and represents more than 40% of the world’s population.

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