China Ditches US Dollar, Local Currency Trade Reaches Record $14B

Jiangsu province in East China saw international commerce with BRICS nations reach a record $14.4 billion in the first two months of 2024 a 36% rise year on year

This year, the BRICS economic alliance expanded its economic cooperation, with trade with China reaching a record $14 billion in local currency. According to the report, Jiangsu Province’s intra-alliance commerce totaled 102 billion yuan in the first two months of 2024.

China’s Jiangsu Province Economy Hits $14.4 Billion

The continued expansion of the BRICS economic bloc has been one of the most significant geopolitical events. At its 2023 Summit, the bloc did announce growth plans. Furthermore, they have increased collaboration in commerce and economic development.

According to Nanjing Customs, Jiangsu province, an economic powerhouse in East China, saw international commerce with BRICS nations reach a record 102.22 billion yuan (approximately $14.4 billion) in the first two months of 2024, a 36% rise year on year.

The commerce value between Jiangsu and India and Jiangsu and Brazil stood out, hitting 25.31 billion yuan and 23.87 billion yuan, respectively, in the first two months of this year. These numbers show year-on-year growth rates of 12.1% and 36.4%.

That data is a record for the start of the year and represents a 36% rise over the previous year. Despite the BRICS’ de-dollarization initiatives, trade cooperation has continued to increase. Following this, the alliance’s attempts to elevate the status of its local currencies should resume. At least until later this year, they will formally introduce their own money as a collective.

Its trade with India was the largest among the BRICS countries, totaling 25.31 billion yuan. The province then observed impressive interactions with Brazil, with commerce reaching 23.87 yuan. On the year, the percentages represent a 12.1% and 36.4% rise over the previous year, respectively.

These reasons are all critical as the bloc consolidates its financial power. Its continuous shift away from the US dollar has boosted collaboration among them. Furthermore, the proposed adoption of the BRICS currency could benefit from existing cooperation.