According to a recently release report by Maersk, India´s containerised trade with the BRICS´ nations has shown an impressive growth of 14%. Export trade from India to Brazil, China, Russia and South Africa increased 7,5% YOY with South Africa turning out to be Indian´s top trade partner.
BRICS EXIM trade registers steady growth of 1.5% in Q1 2018 compared to Q1 2017. “Last year, the BRICS´ joint contribution to the world economy was 23.6 percent, and according to the International Monetary Fund’s predictions this is set to rise to 26.8 percent by 2022. The BRICS countries’ share of the world’s population is even higher: 41 percent in 2015. With these numbers on the table, it is clear that the BRICS will keep on playing an important role in the future of global trade,” says Steve Felder, Maersk Line Managing Director for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives.
In volume terms, India -followed by China- leads the EXIM trade whilst Brazil, South Africa and Russia witness a slump in the trade as compared to Q1 2017.
India has the highest exports in Q1 2018 pegged at 13% in the past five years. Owning close to 80% of EXIM, China leads the EXIM trade among the BRICS nations with approx. 9 – 10 million FFE (Forty-Foot Equivalent Unit) followed by India between 1.5 million to 2 million FFE.