BRICS could surpass the G7 in terms of share of world merchandise exports

Published at: 31/10/2024 01:25 PM

A report presented by Ernst and Young indicates that the BRICS are highly likely to surpass the G7 countries in terms of the share of world merchandise exports in 2026.

“ The leadership of the G7 in managing global economic affairs is likely to be in question as the BRICS+ group 's share of world population, global GDP and world trade increases,” the analysts said.

The report states that the G7's share decreased dramatically from 45.1 percent to 28.9 percent in 2023. He also highlighted that the largest share of global BRICS exports in 2022 was textiles, with 49.6%, followed by telecommunications equipment, with 41.3%; clothing, with 36%; electronic data processing and office equipment, with 35.7%, and fuels, with 30.3%, according to the RT portal .

The document is in line with the International Monetary Fund (IMF) report published last week in which it states that world economic growth over the next five years will be driven by the BRICS.

Mazo News Team