Indian exports to BRICS grow 7.5% in Q1 2018 in terms of total volume

Overall exports from India to BRICS saw an upswing of 7.5 per cent in the first quarter of 2018 over the corresponding period of last year in terms of total volumes, a report said on Monday.

Ahead of the BRICS summit in South Africa, Maersk Line, one of the leading container shipping company, has released the BRICS Export-Import (EXIM) containerised trade data.

The world registered a year-on-year growth of 1.5 per cent in the first quarter of 2018 as against in the same period last year.

"The overall exports from India to BRICS saw an upswing of 7.5 per cent in Q1 2018 year-on-year in terms of total volumes while the country's imports from BRICS nations is reduced by 3.5 per cent," the report said.

The growth for BRICS, led by India and followed by China was due to their growing exports to the world at 13 per cent and 5 per cent year-on-year respectively.

Commenting on the export development amongst BRICS nations, Steve Felder, Maersk Line Managing Director for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Maldives said, In 2017, the BRICS nations contributed to 23.6 per cent of the world economy in terms of GDP value and as per IMF, this will rise to 26.8 per cent by 2022.