While bilateral trade between BRICS+ nations has significantly increased over the past several years, so has South Africa’s trade deficit.
While South Africa continues its attempts at consolidating its position as a dominant player within the BRICS+ grouping, the country is still playing catch-up with its partners in trade, importing way more than it exports.
Together, these nations account for around 40% of both crude oil production and exports, one-quarter of global GDP, two-fifths of global trade in goods, and nearly half of the world’s population. A key part of the grouping has been the establishment of the New Development Bank to finance and largely support infrastructure and sustainable development projects.
While both exports and imports between these nations have increased quite substantially over the years, South Africa continuously sees trade deficits with these nations. Maia said that South African producers should leverage BRICS markets for export expansion but must diversify from their mineral-dominated exports to include more manufactured and agricultural goods.
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