[Quanzhou-BRICS] Quanzhou Sees Trade Growth with BRICS Nations

Trade between Quanzhou and the other four BRICS nations – Brazil, Russia, India and South Africa – reached 8.82 billion yuan in the first half of 2017.

The figure represents a 64.7 percent annual growth, according to data released by the local customs authority.

South Africa was the largest trade partner of Quanzhou with volumes worth 3.94 billion yuan (US$586.4 million), up by 60.4 percent from last year. Trade with Russia and Brazil both exceeded 1.9 billion yuan, with growth rates reaching 109.0 percent and 97.0 percent, respectively. Trade with India recorded a slow growth of 2.2 percent with volumes worth 1.01 billion yuan.

Imports accounted for more than half of the total trade volume, growing by 75.6 percent from last year to reach 5.42 billion yuan. Exports totaled 3.4 billion yuan representing a 50 percent growth.

Granite blocks, petroleum crude oil, and soybeans accounted for the majority of the imported goods, while bags, suitcases, footwear and clothes accounting for most of the exported commodities.

Trade processing with a growth rate of 64 percent accounted for 41.3 percent of the total trade volume.