How does BRICS affect the future of electric trade?
After the accession of Egypt, Saudi Arabia, the Emirates, Iran, and Argentina, some questions arise about the impact of the great economic alliance on the global trade movement, as BRICS supports the multilateral trading system and also aims to strengthen its role as a member state of the European Union. A regional power, as the success of its productive specializations and favorable prices have increased export revenues that already constitute the foreign reserves that feed sovereign funds, and thus the new emerging economic powers can gain the status of financial power of the BRICS countries.
In order to truly become the economic power of the twenty-first century, given the contribution of the BRICS group to the global economy, which reached 31.5%, and according to the World Bank database, the global economic domestic product reached $96.1 trillion in 2021, and the industrial contribution of the G7 reached… This output is $42.3 trillion, equivalent to 44%, while the contribution of the BRICS countries to this output amounted to $24.2 trillion, or 25%.
World Bank database figures reveal that global merchandise exports reached $22.4 trillion by the end of 2021, and global merchandise imports also reached $22.6 trillion on the same date, and merchandise exports to the Group of Seven Industries reached $6.3 trillion. It represents 28.1% of the total global merchandise exports, while merchandise imports for the same group and on the same date amounted to about $7.6 trillion, representing 33.5% of the world’s total merchandise imports.
The performance of the BRICS bloc reveals that the group’s merchandise export revenues at the end of 2021 amounted to $4.6 trillion, which represents 20.7% of the world’s total merchandise exports, while merchandise imports in the same year for the group amounted to $3.9 trillion. 17% of total imports. Basic goods to the world, and the numbers here reveal continuous growth in the exports of the BRICS countries, led by China, as it has the greatest weight in the exports of the BRICS countries, which opens the door to a greater and stronger influence for the BRICS countries. Countries of the world on global trade movement in the coming years.
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