BRICS+ Nations on Track to Surpass G7 Dominance by 2026

The BRICS+ group, comprising nations such as India, China, and Russia, is poised to outpace the G7 in global exports and imports by 2026. With a significant increase in their share of high-tech exports, these countries are redefining international trade dynamics and challenging current economic leadership.

The BRICS+ group of countries, including India, China, and Russia, is rapidly increasing its share of global trade, signaling a major shift in economic power dynamics, according to EY India's latest report. The group is projected to surpass the G7 in merchandise exports and imports by 2026.

Since 2000, BRICS+ has significantly expanded its presence in global exports, rising from a 10.7% share to 23.3% in 2023. Meanwhile, the G7's share has dropped from 45.1% to 28.9%. India's and China's roles are pivotal, with China contributing 62.5% to BRICS+ exports.

BRICS+ countries are also making strategic moves toward technology-intensive products, increasing their share of global high-tech exports from 5% in 2000 to 32.8% in 2022. This evolution is coupled with a potential shift in currency dominance, challenging the US dollar's status as the primary global reserve currency.

(With inputs from agencies.)