Recent study reveals that BRICS significantly increased its share of global trade
Date
10/20/2024 1:33:49 AM
(MENAFN) A recent study reveals that BRICS, the economic bloc comprising Brazil, Russia, India, China, and South Africa, has significantly increased its share of global trade, now standing at 21.6 percent as of the end of 2023. This positions BRICS as the second-largest trading entity worldwide, trailing only the European Union in terms of trade volume.
According to data from the World Trade Organization, the total trade volume of BRICS nations with each other and with the rest of the world has surged to an impressive $10.4 trillion. This marks an increase of nearly 1.5 times since the group’s establishment in 2006, showcasing its growing influence in the global marketplace.
In comparison, the European Union maintains a dominant position, with a trade volume of $14.3 trillion, representing a 29.7 percent share of global trade. This disparity highlights the significant gap between the EU and other trade organizations.
Following BRICS, the United States-Mexico-Canada Agreement (USMCA), which facilitates trade among the three North American countries, ranks third in terms of trade volume. The total exports and imports among USMCA member nations reached $7.6 trillion at the end of last year, giving them a 15.7 percent share of global trade.
Additionally, the Association of Southeast Asian Nations (ASEAN), which includes countries such as Brunei, Vietnam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, Singapore, Thailand, and the Philippines, accounts for 7.4 percent of world trade. The total trade among ASEAN member states has reached $3.5 trillion.
The upward trajectory of BRICS in the global trade arena reflects its increasing economic strength and the growing interdependence among its member countries. As this bloc continues to expand its influence, it may play a pivotal role in shaping future trade dynamics on the world stage.
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