BRICS Intra Trade Reaches $1 Trillion

By Rhod Mackenzie

A recent report issued by Kirill Dmitriev, the special representative of the Russian president for economic cooperation with foreign countries and head of the RDIF, stated that the total volume of trade between BRICS members recently surpassed $1 trillion. This milestone signifies a significant increase in economic cooperation and trade within the bloc, which originally comprised Brazil, Russia, India, China and South Africa.
Prior to this, Russia's trade turnover with BRICS countries reached $294 billion in 2023, accounting for 41.4% of its total foreign trade. Between 2017 and 2022, trade between the original five BRICS members also increased, rising 56% to reach $422 billion.
The expansion of the BRICS bloc to include six new members — Saudi Arabia, the UAE, Egypt, Ethiopia, Indonesia and Iran — in 2024 has further solidified its position in the global economy. The combined GDP of the expanded BRICS+ bloc is estimated to be around $65 trillion. BRICS countries currently account for around 24% of global trade. China plays a significant role, with its exports to other BRICS nations growing substantially.
With regard to these facts lets look at the association's development areas, which are the priorities, and what difficulties need to be overcome by the member states?
In light of the economic dynamics of the BRICS countries and the forecasts of leading international organisations, it is anticipated that the positive trend will continue, according to Veronika Popova, a senior researcher at the All-Russian Academy of Foreign Trade,.
According to IMF World Bank estimates, the combined share of the association's countries' GDP in 202423 amounted to more than 35% of the world's total, and over 40% in Purchasing Power Partity.Now that is compared to G7 countries at 30% and 35% respectively
At the same time, China accounted for approximately 70% of the total BRICS GDP, India accounted for over 10%, Russia accounted for 8%, Brazil accounted for 7%, and South Africa accounted for about 2%.These figures do not take into account the new members as there has not been enough time to collate the dat since they joined
According to forecasts, growth in the coming years will be primarily provided by China, India, Brazil and Russia. In the context of intensified trade relations and the expansion of investment cooperation, achieving the volume of domestic trade within $1.5–1.8 trillion in 2025 seems realistic, according to the analyst.
It is her opinion that interest in the technology and innovation sectors will be an additional growth factor. This is also reflected in forecasts for stock markets, which predict that by 2026 the stock market capitalisation of the BRICS countries companies could reach $24.5 trillion.

Olga Pozdnyakova, head of the People's Front, stated that more than 40% of the world's population lives in the BRICS countries. . This is a substantial market with a wide range of characteristics.
It is evident that there is still considerable potential for developing trade and cooperation in almost all areas. That said the current priorities are trade in agricultural products, the extraction and processing of natural resources,plus the development of e-commerce. At the same time, there are objective obstacles to large-scale growth. These include the need for further  development of the infrastructure for sea and land cargo delivery, utilising projects like the North South Transportation Corridor between Russia,Iran and on to India  plus the need for implementing systems for standardising goods, as well as differences in customs requirements and rules.

However, she asserts that significant progress is already being made in these areas, as evidenced by the tangible results reflected in the figures for the growth of trade turnover in goods and services. Key developments include the development of international transport corridors, the gradual harmonisation of standards, and the strengthening of support for supply chains.
— A prime example of this is the establishment of the BRICS grain exchange. Given that our countries account for almost half of the global grains production and consumption , the formation of their own independent price indicators is both logical and correct. The President of Russia instructed that work be undertaken on this issue last year.
In addition to resources, trade in the mechanical engineering and aviation industries is also increasing, according to the analysts.

From 2000 to 2023, the share of BRICS in global exports increased from 10% to 23%. It is anticipated that by 2026, the share of BRICS in international trade will exceed that of the "G7. These insights were provided by Yevgeny Smirnov, Head of the Department of World Economy and International Economic Relations at the State University of Management.
Concurrently, the share of BRICS in global high-tech exports rose from 5% to 32.8% between 2000 and 2022.
However, trade within the BRICS group is imbalanced, and the overall figures mask China's growing leadership: From 2000 to 2023, China's share of BRICS exports grew from 36.1% to 62.5%. Therefore, the policy of this association should be aimed at strengthening the positions of other countries in trade and investment within the association — he emphasised.
Energy resources currently account for almost 28% of trade between BRICS countries, which is approximately $134 billion, according to Arina Surkova, an expert at the RUDN University Faculty of Economics, who informed Izvestia of this fact.
Soybeans, a pivotal food product, rank second with a trade value of $32 billion. This structure reflects the most significant economic interests and areas of cooperation among BRICS: ensuring energy and food security.
Veronika Popova has stated that the BRICS presidency has historically concentrated on one or two subjects that achieve consensus among participants and have the potential to deepen cooperation.
During Russia's presidency in 2024, the primary focus was on the gradual integration of new partners into the association's activities. This process was accompanied by the granting of partner status to countries such as Algeria, Belarus, Vietnam, Indonesia, Cuba, Malaysia, and others.

Since 1 January 2025, the presidency has passed to Brazil. During this period, the climate agenda, sustainable development, and regulation of artificial intelligence technologies have become priorities.
In her opinion, the AI topic is being presented as a promising area for coordinating efforts. In the absence of global standards, Brazil intends to initiate a discussion of approaches to its regulation. Furthermore, the agenda includes items such as the expansion of national currencies in mutual trade, the reform of the global governance system, and the discussion of prospects for further expansion of the association.
Veronika Popova has stated that the BRICS countries are facing a number of complex challenges. In the political sphere, these include a lack of a fixed institutional structure, differences in strategic priorities, and ideological differences. Economic difficulties are compounded by disparities in development levels, educational and linguistic barriers, and the high costs associated with geographical remoteness and limited transport infrastructure.

The financial and currency segment is currently experiencing an absence of its own multilateral settlement and payment system. From a technical standpoint, there are still considerable issues related to the modernisation of logistics and the inadequate coordination in sectors such as agriculture and innovation.
Furthermore, the global economic landscape is becoming increasingly unpredictable and complex.
Geopolitical conflicts are ongoing, trade protectionism is increasing, and the implementation of the global climate agenda has slowed down, according to Evgeny Smirnov. In these conditions, BRICS must demonstrate that it is the centre capable of taking on the solution of a whole range of the listed global problems. Furthermore, it is imperative that the BRICS countries continue to engage in the reform of international economic organisations, including the WTO, the IMF and the World Bank Group.