More than 20 non -western nations leaders gathered in Tianjin, China, during the weekend for the summit of the Shanghai Cooperation Organization (SCO), which concluded on Monday, and in which President Xi Jinping established his vision for a global economic order with the global south in his center.
In the context of the new world tariffs imposed by the president of the United States, Donald Trump, XI told delegates: “We must continue taking a clear position against hegemonism and power policy, and practice true multilateralism.”
The Summit brought together some of the strongest emerging economies, including India and Russia, which, together with China, represent more than a fifth of the world's gross domestic product (GDP).
The trilateral trade between China, India and Russia represented $ 452 billion in 2023, compared to $ 351 billion in 2022, according to the Observatory of Economic Complexity (OEC).
Seen as an alternative power structure for most international institutions led by the United States, the 10 members includes much of Central Asia, Russia, China, India, Iran, Pakistan and Belarus, and represents approximately 43 percent of the world's population and 23 percent of global GDP.
Beijing's impulse for multilateralism occurs at a time of growing complaints with Washington, whose commercial rates policies have provided the members of the OCs in a common field to work.
What countries buy more than China?
China has a wide range of commercial partners.
Its largest buyer is the United States, which imported $ 442 billion or 12.9 percent of China's total exports in 2023, mainly consisting of electronics, machinery, consumer goods and telecommunications equipment.
At the regional level, Asia is the main destination for China's exports, which represents $ 1.6 billion, with India only receiving $ 120 billion, or 3.1 percent of China's total exports.
In Europe, China exported goods worth $ 819 billion, being the main Germany destinations ($ 151 billion), Russia ($ 110 billion) and the United Kingdom ($ 95.3 billion).
What countries buy more from India?
The United States is also the largest buyer of Indian goods.
In 2023, the United States bought products worth $ 81.4 billion, or 17.9 percent of the total exports of India, mainly medications and pharmaceutical products, followed by stones, machinery and precious textiles.
At the regional level, Asia is also the main destination for Indian exports, which represents $ 178 billion of goods, the Eau being the second largest destination in India for exports, to $ 31.4 billion, or 6.9 percent of the total exports of India, mainly jewelry and refined.
The Netherlands is the third largest export market in India at $ 22.5 billion, the refined oil being the largest export element, for a value of $ 15 billion. China is the fourth largest export market in India and the second largest in the Asia region.
On August 6, the president of the United States, Donald Trump, announced a 50 percent tariff on Indian imports, citing the continuous purchase of Russian crude oil India as the main reason.
In response, India expressed a strong disapproval, calling “unfair, unjustified and unreasonable” tariffs, and reaffirmed his sovereign right to determine their energy policies independently. Despite the pressure of the United States, India continued to import Russian oil, attracted to substantial discounts offered by Moscow.
What countries buy more from Russia?
Before the Ukraine War, Russia's commercial partners were much more diversified.
While China was its largest commercial partner, representing 14.6 percent ($ 72.1 billion) of Russian exports in 2021, according to the Observatory of Economic Complexity (OEC), Russia also had a wide range of European partners. The Netherlands were Russia's second largest partner, with 8 percent ($ 39.5 billion) of total exports, followed by the US with 5.5 percent ($ 27.3 billion).
After the invasion of Russia of Ukraine in February 2022, strong sanctions sharply reduced trade with many Western nations.
By 2023, China represented approximately one third ($ 129 billion) of Russia's exports, followed by India with 16.8 percent ($ 66.1bn) and Turkiye with 7.9 percent ($ 31 billion), according to the OEC, which makes the Asia region the receiver of Russian goods, with more than three quarters of exports of exports of Russia exports.
What do they work more in China and Russia?
In 2023, China exported products worth $ 110 billion to Russia, led by machinery and transport equipment. According to the OEC, China's main export articles to Russia were cars.
That same year, Russia sold products worth $ 129 billion to China, mainly mineral products, including oil and natural gas.
In recent years, Russia has administered a commercial surplus with China, mainly due to energy products, which constitute almost three quarters of its exports.
What do India and Russia work more?
India has an important commercial deficit with Russia, importing much more than IT exports.
In 2023, Russia sold goods of $ 66.1 billion to India, with energy products, mainly crude oil and natural gas, which represents about 88 percent of these imports, much of which India buys at a discount rate.
India exports to Russia are more diversified, for a total of $ 4.1 billion in 2023, with significant contributions of chemical products, machinery and metals.
What do China and India change?
India has an important commercial deficit with China, importing approximately seven times more goods for dollars than IT exports.
In 2023, China exported goods worth $ 125 billion to India, mainly machinery and chemicals, while India exported $ 18.1 billion in products to China, with products related to oil and fuel that comprise most of its exports.
