SA is the current chair of Brics despite the relative smallness of its contribution to investment and trade.
Davies said in a briefing to Parliament’s trade and industry committee that in 2016 total intra-Brics trade amounted to $235bn. China accounted for 56%, Brazil 18%, Russia 15%, India 7% and SA 5% of intra-Brics imports.
SA’s exports to Brics countries stood at $13.5bn, while imports were $21.4bn in 2017.
"SA’s biggest export destination within Brics remains China, followed by India, Brazil and Russia, with its exports in mainly primary products," Davies said.
In the period January 2015 to February 2016, intra-Brics investment amounted to R554bn, of which China accounted for 76.7%, India with 12.7%, Russia with 5.3%, SA 4.1% and Brazil 1.4%.
Source: Business Day