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Hainan's trade with BRICS countries up 71.7% to $1.73 bln in January-July

Hainan's largest exports to BRICS countries are machinery and electronics

HAIKOU, September 7. /TASS/. The volume of trade between the Chinese province of Hainan and BRICS countries (Brazil, Russia, India, China and South Africa) increased by 71.7% year-on-year to 12.48 billion yuan (about $1.73 billion) in the first seven months of 2023, the Nanguo Metropolis Daily reported.

According to the region's customs department, exports to BRICS countries totaled 1.83 billion yuan (about $254.2 million), up 23.8% year-on-year, while imports totaled 10.65 billion yuan (about $1.48 billion), showing a growth of 83.9%.

Private companies accounted for 72.7% of the turnover, the paper noted. Coal is the top imported item from the BRICS countries among raw materials, with its volume amounting to 4.97 billion yuan ($690.3 million). Metal ore ranks second, with supplies from the BRICS countries totaling 2.84 billion yuan (about $394.4 million).

Hainan's largest exports to the BRICS countries are engineering and electronics products; in the first seven months of this year, their shipments grew 59% year-on-year to 880 million yuan (about $122.2 million).

The 15th BRICS Summit was held in Johannesburg from August 22 through 24 under the chairmanship of South Africa and became the largest meeting of heads of state and government of the Global South in recent years. The leaders of 54 African countries were among those invited. The summit participants agreed that Argentina, Egypt, Ethiopia, Egypt, Iran, Saudi Arabia, UAE and Iran will join the association from January 1, 2024. A new list of possible members will be prepared for the next summit.