Intra-Bric trade amounts to R4trn - dti

SOUTH Africa had strong and growing trade and investment ties with the other Brics – Brazil, Russia, India and China – members, particularly China and India, according to a statement released by t he Department of Trade and Industry (dti) yesterday. This was revealed at the seventh meeting of the Brics ministers of trade in Shanghai, China. As a single country, China had been South Africa’s top ranking export destination as well as import supplier since 2009. Last year intraBrics exports amounted to the equivalent of R4 trillion. China accounted for 40 percent, India for 27 percent, Russia for 16 percent, Brazil for 10 percent, and South Africa for 7 percent, the statement said. Domestic exports destined to Brics countries amounted to R156 billion, while its imports from these four partners came to R273bn. In 2015/16 intraBrics investment amounted to R554bn. South Africa received R34.5bn from investors in these countries, while making investment there to the amount of R22.6bn. The trade ministers discussed a number of issues relating to trade and investment promotion. They established collaborative mechanisms among Brics countries that were aimed at encouraging information sharing and capacity building. - Staff Reporter