IMF Report: BRICS Nations Global Trade Share Doubles by 2020
“An IMF report indicates that BRICS nations share in global trade has increased from 10% in 2010 to 20% in 2020”
Summary
The share of global trade accounted for by the BRICS countries has roughly doubled over the past decade, reaching just over 20 % by 2019. This implies a rise from about 10 % in 2010 to around 20 % in 2020, as indicated by the IMF‑based analysis.
Sources 60 searched
- Global value chains and intra-BRICs trade in value-added - ScienceDirect
Table 3 compares intra-BRICS trade and BRICS trade with developed economies. A significant increase in Brazil's trade with China is evident, and, to some extent, with India. In contrast, Brazilian exports to developed countries slightly declined between 2010 and 2015. The same trend was observed in Russia. India increased its exports to advanced economies while reducing exports to China between 2010 and 2015. China's exports showed a substantial rise both in intra-BRICS trade and trade with developed economies.
- An analysis of trade flows between BRICS and European Union: a quantitative assessment - ScienceDirect
Their trade with the world has increased more than five times since 1999 and their share of world trade in the past decade has nearly doubled, currently being over 20% (2019). BRICS is seen as the most influential group in the international ...
- Understanding BRICSIZATION through an economic geopolitical model - ScienceDirect
Additionally, China has launched its central bank digital currency in Guangdong, aimed at reducing transaction costs and enhancing cross-border efficiency, which is crucial for future BRICS trade (People's Bank of China, 2023). The IMF report forecasts higher growth for China and India at 5 % and 7 %, respectively, while the US is the only G7 nation expected to grow above 1 % and the report describes emerging markets in Asia as the primary engine of the global economy, with growth in China and India contributing nearly half of all global expansion.
- Analysis of financial convergence between the BRICS and OECD countries - PMC
The data are obtained from the International Monetary Fund (IMF). Sours: world Bank. In terms of the growth and development of the BRICS emerging countries in recent years, it would be enough to state that until 2014, Brazil, India and Russia were in the category of emerging economies; but ...
- Internationalization of the Currencies of BRICS Countries - PMC
As a result of the anticrisis summits of the G20 in Pittsburgh and Seoul, the BRICS countries managed to achieve a redistribution of quotas in their favor in the authorized capital of the IMF. Their total share increased by 3.35 percentage points, from 11.49 to 14.84%. In addition, in April ...
- BRICS Investment Report
UNCTAD data, total inward FDI stock between BRICS countries increased from $27 billion in 2010 to
- BRICS and the Global Financial Order
While other BRICS countries do not follow the same ambitious approach of domestic currency internationalization (also because of their smaller economic size), we can observe conscious efforts to reduce dependency on the US dollar by several BRICS countries (Reference Liu and PapaLiu & Papa, 2022), especially as the US has been increasingly weaponizing USD hegemony (Reference McDowellMcDowell, 2023). While originally embedded into the USD system, since 2013, Russia has also been at the forefront of de-dollarization (Reference McDowellMcDowell, 2023) with the dollar’s share in Russia’s trade and financial flows dropping by 15–20% (ING, 2020).
- IMF International Trade in Goods (by partner country) (IMTS) (formerly DOTS) Dataset
This report provides tables and charts of merchandise export and import statistics, disaggregated by country's primary trading partners, as well as world, regional, and country group aggregates · The table includes indicators by area and country
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