BRICS+ Set to Surpass G7 in Global Trade by 2026

The BRICS+ group's share in global merchandise exports is projected to overtake the G7 by 2026, according to EY India. The group's growth in high-tech exports and increasing global influence suggest a shift towards a multipolar economic landscape, challenging the dominance of G7 nations and the US dollar.

BRICS+, an influential economics group encompassing major emerging markets, is on track to eclipse the G7 in global merchandise exports by 2026. This prediction comes from EY India's recent report, which highlights the rapidly shifting dynamics and expanding influence of BRICS+ in global trade.

Since 2000, the BRICS+ share of global merchandise exports has climbed from 10.7% to 23.3%, thanks largely to powerhouse economies like China and India. In stark contrast, the G7's share has plunged from 45.1% to 28.9% during the same period, reflecting a pivot towards a multipolar global economic framework.

The rise of BRICS+ is marked by a significant increase in high-tech exports, which surged from 5% in 2000 to 32.8% in 2022. This uptick underscores the group's strategic focus on technology-driven industries and highlights their potential to reshape the landscape of global trade, investment, and currency standards.

(With inputs from agencies.)