BRIC countries and trade
BRIC is an acronym of the four countries Brazil, Russia, India and China. The BRIC countries are currently in similar economic stages and are often grouped together to measure and compare their economic development. In 2010, the BRIC countries accounted for approximately 40 percent of the world’s total population and are expected to be on the same economic scale as the G7 countries by 2027.
The economic success of a country is often indicated by its interaction with other countries, particularly through trade. A positive or negative balance in regards to international trade demonstrates a country’s importance to other nations or its dependency for their goods in order to maintain a stable economy and to meet their industrial and commercial needs. In 2012, China had by far the highest amount of imported goods out of the four nations, almost doubling the total amount of imports from the other three countries combined. However, China’s exports far exceed their imports, primarily because China manufactures a considerable amount of consumer goods for other nations at a more favorable price. China’s exports almost double the total amount of exports of the other nations. In 2015, every country in the BRIC, with the exception of India, recorded a trade surplus.
GDP, i.e. gross domestic product, is a measurement of all goods and services produced within a country in a year. The total GDP of all BRIC countries was expected to amount to roughly 16.92 billion U.S. dollars in 2014.