SA trade with Brics projected to reach US$500bn

South Africa’s trade with its Brics bloc partners – Brazil, Russia, India and China – is projected to reach US$500 billion this year, according to president Jacob Zuma.

A statement by the Presidency quoted Zuma as saying that there had been a 70% increase in South Africa's total trade with Brics, since 2011. In 2014, the country’s total trade with Brics was US$382 billion, from US$268 billion in 2011.

Zuma said the balance of power had progressively shifted towards the Brics regions.
"Our economies are also involved in developing co-operation in high-technology sectors of the economy; modernising various branches of industry; implementing projects aimed at developing transport logistics, information communications and infrastructure; raising the economic competitiveness; and improving the living standards of citizens in our member countries."

He added that despite the unfavourable global economic climate, characterised by the sluggish economic recovery, the Brics countries had been at the forefront of global recovery, recording favourable export growth with exports to the rest of the world increasing from US$1.9-trillion in 2009 to US$4.2-trillion in 2013.