Russia’s trade turnover with BRICS states up to $294 bln in 2023 — Chamber of Commerce

MOSCOW, April 2. /TASS/. Russia’s trade turnover with BRICS countries rose to $294 bln in 2023, which accounts for 41.4% of total volume of Russia’s foreign trade, President of the Chamber of Commerce and Industry of the Russian Federation, Chairman of the BRICS Business Council in 2024 Sergey Katyrin said.

"Russia’s trade turnover with BRICS partners amounted to record $294 bln in 2023 (41.4% of the country’s total foreign trade) and grew 2.4-fold compared with 2019-2020," he said at a meeting of the Chamber’s press club devoted to issues of food security in member states.

Russia’s agrarian export to BRICS markets is also on the rise as it surpassed $9 bln in 2023, which is 2.6 times higher than in 2019, Katyrin added.

According to calculations made by Russia’s Union of Grain Exporters mentioned by President of the Chamber of Commerce, BRICS nations totally produced 1.17 bln tons of grain per day as of the end of 2023 (42% of global production), while their consumption totaled 1.1 bln tons (40% of global consumption). BRICS countries’ wheat production amounted to 348 mln tons per year in 2023 (44% of global production), while their wheat consumption equaled 320 mln tons (40% of global consumption). Corn production reached 474 mln tons in the reporting period (39%), while corn consumption amounted to 437 mln tons (37%).

Having expanded since 2024 due to net grain importers, such as Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, the BRICS integration has made production and consumption of key grain cultures inside the group almost equal, Katyrin said. After the BRICS expansion grain production by the group will reach 1.23 bln tons per year (44% of global), while consumption will maximally approach production, reaching 1.22 bln tons (also 44%). A similar situation is expected regarding wheat as production after expansion due to five countries will total 376 mln tons (48%), while consumption will equal 371 mln tons (47%). Corn production and consumption will amount to 493 mln tons and 479 mln tons, respectively.

Katyrin mentioned mutual settlements and logistics as the most relevant issues of BRICS cooperation. The share of the dollar in mutual settlements of BRICS countries only stands at 28.8%, with the remainder corresponding to national currencies, he said, adding that the use of digital assets is regarded as the most promising area in settlements.

Origin: https://tass.com/economy/1769331