Russia's trade turnover with BRICS has grown record-high in 5 years


Russia's trade volume with the BRICS countries has grown almost 2.5 times in 5 years to a record $294 billion in 2023. And this represents more than 41 percent of the total volume of Russian foreign trade. As stated by Sergey Katyrin, Chairman of the BRICS Business Council.

Among other things, the expansion of the geography of Russian grain supplies contributed to the increase in trade turnover. By the end of 2023, the volume of Russia's agricultural exports to the markets of the BRICS member countries exceeded the $9 billion mark. Which is 2.6 times more than in 2019.Katyrin highlighted logistics and mutual settlements among the topical issues of cooperation within the framework of BRICS. Digital currencies have great prospects, the expert is sure.

In 2023, the BRICS, in addition to Russia, included Brazil, India, China and the Republic of South Africa (South Africa). And this year, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) joined the list of participants.

China has become our country's main partner in foreign trade by the end of 2023. According to the General Customs Administration of the People's Republic of China, in 12 months the trade turnover between the two countries reached a record level of about $ 240 billion. At the same time, the majority came from exports of Russian products (plus 12.7 percent or up to about 130 billion).