Bric trade expands to R4 trillion – dti

Bric trade expands to R4 trillion - dtiSouth Africa had strong and growing trade and investment ties with the other Brics – Brazil, Russia, India and China – members, particularly China and India, according to a statement released by the Department of Trade and Industry (dti) yesterday.

This was revealed at the seventh meeting of the Brics ministers of trade in Shanghai, China.

As a single country, China had been South Africa’s top ranking export destination as well as import supplier since 2009.

Last year intra-Brics exports amounted to the equivalent of R4 trillion.

China accounted for 40%, India for 27%, Russia for 16%, Brazil for 10%, and South Africa for 7%, the statement said.

Domestic exports destined to Brics countries amounted to R156 billion, while its imports from these four partners came to R273bn.

In 2015/16 intra-Brics investment amounted to R554bn. South Africa received R34.5bn from investors in these countries, while making investment there to the amount of R22.6bn.

The trade ministers discussed a number of issues relating to trade and investment promotion.

They established collaborative mechanisms among Brics countries that were aimed at encouraging information sharing and capacity building.