BRICS trade turnover: a new trade reality

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 this growth in commerce, turning BRICS countries and their partners into a significant trading group? Which countries are emerging as its economic engines? And why, according to experts, might differences in standards and logistical challenges require the creation of new trade zones and formats in the future?

BRICS as a trading group

From a concept focused on economic growth, BRICS is now evolving into one of the key global trading groups, actively reshaping international 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, with its share of global GDP reaching 39.7 per cent in 2025.

Intra-BRICS trade exceeded US$1 trillion, with trade between member states growing at an average rate of 4.75 per cent annually over the past five years.

“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 Guillermo Miguel Rocafort Perez in an interview with TV BRICS.

Experts note that this growth is largely driven by deeper economic integration among member states. Analysts also expect a significant increase in imports within the group, with export-oriented countries such as China and Russia likely to benefit.

“China functions as a demand anchor, absorbing commodities, energy and food, and as a leading supplier of manufactured goods,” noted Erik Escalona Aguilar.

In addition to China, India is emerging as a major market and selective supplier. Russia and Brazil remain key players in energy and agriculture, while Indonesia strengthens BRICS’ manufacturing capacity and influence in Southeast Asia.

“One of the main reasons for the growth in trade between BRICS countries has been the increasing use of local currencies [...]. Another important factor has been the strengthening of the entire production chain through South–South cooperation,” said BRICS expert Anibal Garzon.

Trade specifics of BRICS

BRICS holds significant importance in global natural resource markets. The group accounts for more than 40 per cent of global oil production and around 25 per cent of global commodity exports. It also holds approximately 30 per cent of global iron ore reserves.

Russia’s exports remain largely commodity-based, though the share of energy resources has declined, with growth in chemicals, metallurgy, food products and machinery.

China continues to dominate global exports, particularly in high-tech goods, while increasing imports of critical resources such as oil and microchips.

Brazil remains a major exporter of agricultural and mineral products, while India leads globally in generic pharmaceuticals and exports across multiple sectors, including textiles, electronics and agriculture.

Logistics and digital technologies

BRICS members aim to manage full production cycles within the Global South — from raw material extraction to value-added production. However, trade growth depends not only on currency arrangements but also on logistics and technological development.

Geographical distance remains a key challenge, with member states spread across multiple continents. This increases trade costs and complexity, requiring the development of transport corridors to improve efficiency.

“The development of transport corridors… acts as a direct trade multiplier,” said Erik Escalona Aguilar.

Projects such as the Northern Sea Route, the North–South corridor, and transcontinental logistics routes are expected to reduce dependence on traditional trade pathways.

Another key factor is the harmonisation and digitalisation of customs procedures. However, differences in national regulations and technical limitations continue to present barriers.

“BRICS does not have a formal trade agreement or a common customs union… This creates certain barriers that may hinder trade,” noted Anibal Garzon.

Future prospects for BRICS trade

Ensuring transparency and fair competition is essential for further growth. One initiative under consideration is the creation of a BRICS grain exchange, which could evolve into a broader commodity exchange.

Experts suggest that free trade zones within BRICS+ could significantly boost trade by reducing tariffs and eliminating non-tariff barriers.

The development of payment systems such as BRICS Bridge, alongside digital currencies, is also expected to enhance trade efficiency.

Overall, experts agree that addressing settlement challenges, improving logistics, reducing trade barriers, and strengthening integration frameworks could elevate intra-BRICS trade to a fundamentally new level.

The article was prepared by Svetlana Khristoforova.