Copyright 2024 - Ningbo Life / Ningbo Expat

Ningbo enterprises consolidate cooperation with BRICS

At Xinle Electrical Appliance Co., Ltd., the production lines are working at full capacity. After mold injection molding, box die-casting and spraying, accessory assembling, and functional testing, the qualified washing machines are neatly delivered into the container through the shipping assembly line. This batch of washing machines will be shipped from Ningbo Port to the United Arab Emirates via which they will enter the Arabian market.

Recently, the BRICS meeting issued a strong proposal for cooperative development and multilateralism. The special press conference of the 15th meeting of BRICS leaders announced that some countries, including Saudi Arabia, Egypt, the United Arab Emirates, Argentina, Iran, and Ethiopia, are invited to officially become members of the BRICS family.

Against the backdrop of multiple challenges facing the current global economic recovery, how resilient is the trade relationship between Ningbo’s import and export enterprises and the BRICS countries?

According to statistics from Ningbo Customs, from January to July this year, the import and export volume of Ningbo to BRICS countries (including the newly invited countries) exceeded 110 billion yuan, an increase of nearly 13% compared to the same period last year, accounting for 15.6% of Ningbo’s total import and export volume during the period. Among others, exports to the United Arab Emirates and Saudi Arabia exceeded 15 billion yuan, a year-on-year increase of over 10%.

With the continuous heating up of “BRICS expansion”, how to further explore the “BRICS+” business opportunities has become a hot topic of concern for many import and export enterprises in Ningbo.

“We are one of the first enterprises to obtain national production licenses and self operated export rights, as well as one of the earliest washing machine brands in China. Currently, our products are exported to over 80 countries and regions worldwide.” said Ruan Yunyan, head of the Export Department of Xinle Electrical Appliances. The washing machines made in China have high cost-effectiveness and good performance, and are widely popular in the Middle East market. Saudi Arabia and the United Arab Emirates have become important export destinations, with monthly exports of around 22000 sets.

“We are interested in expanding into the Middle East and African markets, so we analyzed the market in advance and developed multiple models of new products targeting different consumer groups.” said Yu Yue, customs manager of Xinle Electrical Appliances, who believes that the joining of Saudi Arabia and the United Arab Emirates into the BRICS family is of great benefit for companies in Ningbo to improve their competitiveness and market share in the international market.

Reportedly, in the first seven months of this year, Xinle’s sales in the United Arab Emirates alone exceeded 20 million yuan, a year-on-year increase of 46.9%.

“With the deepening of trade exchanges between BRICS countries, Ningbo import and export enterprises will embrace greater development opportunities.” According to a related person from the General Office of Ningbo Customs, the customs will continue to optimize the business environment, improve customs clearance efficiency, promote favorable policies for enterprises, and encourage more enterprises to seize BRICS opportunities and expand exports, thus ensuring that policy dividends are fully enjoyed, and the new momentum of Ningbo’s foreign trade is fully unleashed

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