BRICS is strengthening its position in global trade and shaping new economic ties
The trade turnover of BRICS countries exceeded US$1 trillion in 2025. What is driving the growth in commerce, turning the BRICS countries and their partners into a significant trading group? Which countries are emerging as its economic engines? And why, according to experts, differences in standards and logistical challenges may require the creation of new trade zones and formats in the future?
BRICS as a trading group
From a concept of economic growth, BRICS is now evolving into one of the key trading groups, actively reshaping global goods flows. According to analysts from the Sk Fintech Hub ecosystem (VEB.RF Group), the volume of BRICS trade conducted in national currencies has exceeded 67 per cent. At the same time, the aggregate macroeconomic indicators of BRICS+ demonstrate its significant role in the global economy. Thus, the share of BRICS+ in global GDP reached 39.7 per cent in 2025. Intra-BRICS trade exceeded US$1 trillion. Over the past five years, trade between the member states has grown by an average of 4.75 per cent annually.
“The volume of trade in the BRICS region is experiencing rapid growth, characterised by increased use of local currencies […]. It has reached the equivalent of US$1 trillion, driven by economic integration and the expansion of the group, known as BRICS+, through the inclusion of new countries,” said professor of the Faculty of Economic, Business and Communication Sciences at the European University of Madrid, Guillermo Miguel Rocafort Perez, in an exclusive interview with TV BRICS.
Today, experts say, BRICS trade turnover is growing largely due to – and importantly in proportion to – economic integration among member states. At the same time, analysts expect a significant increase in imports within the group. Export-orientated countries such as China and Russia are likely to benefit in this context.
“China functions as a demand anchor, absorbing commodities, energy and food, and as a leading supplier of manufactured goods, machinery and intermediate products, effectively acting as a market maker across several segments within BRICS,” noted Erik Escalona Aguilar, Associate Professor at Bernardo O’Higgins University (Santiago de Chile), in an interview with TV BRICS.
In addition to China, which is effectively the largest trading partner for all BRICS countries, experts also highlight India. It is emerging as a major market and a selective supplier. Russia and Brazil continue to be key players in energy and agricultural markets, while Indonesia supports BRICS’ manufacturing capacity and influence in Southeast Asia. Thus, experts say, BRICS countries are creating macroeconomic synergy across various sectors, reinforced by the use of national currency settlements.
“One of the main reasons for the growth in trade between BRICS countries has been the increasing use of local currencies, as agreed at the BRICS summits in Russia in 2024 and in Brazil in 2025. […] Another important factor has been the strengthening of the entire production chain through South–South cooperation,” said writer and BRICS expert Anibal Garzon in an interview with TV BRICS.
Trade specifics of BRICS
BRICS holds particular importance in the global natural resources market. The countries of the group account for more than 40 per cent of global oil production and around 25 per cent of global commodity exports. They also hold approximately 30 per cent of global iron ore reserves, primarily in Brazil, Russia, China, India, Iran, and South Africa.
Russia’s main export categories remain commodities, although recent studies indicate a declining share of energy resources. While oil and gas accounted for around 45 per cent of total Russian exports in 2022, this figure fell to 32 per cent by 2024. This shift is linked to increased exports in sectors such as chemicals, metallurgy, food products, and machinery.
Russia’s foreign trade geography has also changed in recent years. China has become its main trading partner, importing petroleum products, coal and grain, while exporting electronics, equipment, and digital technologies. India ranks second, actively purchasing Russian oil and developing cooperation in shipbuilding and equipment manufacturing. Settlements are increasingly conducted in yuan, Indian rupees and Russian roubles.
China is one of the world’s largest exporters, with a growing share of high-tech goods such as vehicles, machinery, and electronics. At the same time, it continues to increase imports of critical resources, including oil, microchips, and food.
“China serves as the main driver of growth and trade integration in the BRICS region, accounting for about 70 per cent of regional trade, which totalled US$648 billion in the first nine months of 2024,” emphasised Guillermo Miguel Rocafort Perez.
Brazil, like Russia, derives a significant share of its export revenues from commodities and agricultural products. Iron ore is Brazil’s key export commodity, followed by soybeans, crude oil and sugar. According to experts, Brazil is a leading supplier of agricultural and mineral products within BRICS, accounting for 36 per cent of exports in 2024. At the same time, Brazil imports large volumes of fertilisers from Russia, a leading global producer.
India is a major global exporter of pharmaceuticals, electronics, petroleum products, precious stones, and jewellery, engineering goods, leather, toys, textiles, and household goods. The country also actively exports agricultural products, including rice, tea, coffee and seafood. India is the world leader in the production of generic medicines – pharmaceuticals containing active ingredients identical to those originally developed under patent.
Logistics and digital technologies
Describing the trade and economic relations of the group, Anibal Garzon noted: “BRICS members aim to manage the entire process of producing goods and services – from raw material extraction to full-cycle production, including value addition – within the Global South.” However, the growth of trade ties and turnover within the group depends not only on national currency settlements but also on the development of logistics and technology. Here, the group faces challenges.
The first is geographical distance. One member state is located in Latin America, three in Africa, two in the Middle East, three in the Asia-Pacific region, plus Russia. This creates higher trade costs and diverse continental realities, which BRICS is seeking to overcome through the development of transport corridors.
“The development of transport corridors, by reducing transit times and logistics costs, acts as a direct trade multiplier: where strategic routes provide significant time savings, competitiveness and potential turnover increase accordingly,” said Erik Escalona Aguilar.
Thus, the development of transport corridors within BRICS represents an attempt at a fundamental transformation of logistics in the Global South and an opportunity to reduce dependence on existing trade routes. The Northern Sea Route as the shortest path between Europe and Asia; the North–South corridor linking Russia with Iran, India, the Gulf states and South Asia; the Transoceanic corridor proposed by China and Brazil; the concept of a transcontinental route from Murmansk to southern Africa; and the Primorye-2 International Transport Corridor connecting northeast China with ports in Russia’s Primorsky Krai – all these emerging and potential routes are becoming drivers of significant growth in intra-BRICS trade.
Another tool for stimulating trade within BRICS is the simplification, harmonisation and digitalisation of customs procedures. This must be achieved despite challenges related to differences in national legislation, technical limitations and cybersecurity concerns.
“BRICS does not have a formal trade agreement or a common customs union. Each country maintains its own trade rules and legislation. This creates certain barriers that may hinder trade,” said Anibal Garzon.
However, the expert noted that current economic and political realities are pushing BRICS countries towards overcoming trade barriers. Integration efforts are ongoing at the level of BRICS customs administration forums.
Prospects for the development of trade within BRICS
Another key condition for the development of trade within BRICS is ensuring transparency in transactions and creating conditions for fair competition. One initiative aimed at achieving this is a grain exchange, which could evolve into a full-fledged commodity exchange. Experts say such a platform could make the grain market more transparent and predictable, provided that competition principles protect both producers and consumers from artificial shortages and price speculation.
“The BRICS grain exchange could improve pricing and hedging, as well as facilitate intra-group contracts, provided it ensures sufficient liquidity, standards and a reliable clearing system, although its impact is likely to be gradual given the time required to build market infrastructure and attract volumes,” said Eric Escalona Aguilar.
The development of free trade zones could also boost trade between BRICS and BRICS+ countries, transforming predominantly bilateral relations into full-scale multilateral economic cooperation. Such integration could reduce tariffs and eliminate non-tariff barriers. At the BRICS Summit in Kazan, a declaration was adopted committing countries to simplifying procedures and strengthening cooperation in standardisation. Cross-border clearing systems were also discussed, which could further support settlements in national currencies.
The expansion of trade is also expected to be supported by the development of the BRICS Bridge payment system, as well as the use of digital currencies in intra-BRICS transactions. It remains to be seen how ready the countries are to integrate their digital currency platforms and expand mutual trade accordingly.
Overall, most experts agree that addressing settlement challenges, implementing clearing systems and digital currencies, reducing tariff and customs burdens, developing transport corridors, and expanding participation in international organisations and integration frameworks could elevate intra-BRICS trade to a fundamentally new level.
The article was prepared by Svetlana Khristoforova. African Times published this article in partnership with International Media Network TV BRICS
