In­tra-Bric trade amounts to R4trn - dti

The Star Early Edition - - BUSINESS REPORT -

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

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