Ningbo seeks to benefit from expanded BRICS membership

A workshop of Ningbo Xinle Electric Appliances Co Ltd. [Photo/cnnb.com.cn]

Ningbo in East China's Zhejiang province is eagerly anticipating the opportunities that the expanded BRICS bloc will bring.

Recently, during the BRICS Summit held in Johannesburg, South Africa, the entry of Egypt, Iran, Saudi Arabia, the United Arab Emirates, Argentina, and Ethiopia into the bloc was announced. These countries will officially join the original members of Brazil, Russia, India, China, and South Africa on Jan 1 next year.

In light of this development, numerous export companies in Ningbo have set their sights on the possibilities that will arise from this expanded group of developing nations.

Ningbo Xinle Electric Appliances Co Ltd, one of the first enterprises in China to obtain self-operated export rights, is at the forefront. As one of the nation's first washing machine brands, Xinle has successfully sold its products to over 80 countries and regions worldwide.

According to Ruan Yunyan, director of the export department at Xinle, Chinese-manufactured washing machines are cost-effective and perform well, making them highly sought-after in the Middle East market. Saudi Arabia and the United Arab Emirates have become important export destinations for the company, with a monthly export volume of approximately 22,000 units.

"We have a plan to expand into the Middle East and African markets. We conducted a thorough market analysis in advance and developed multiple new models targeting different consumer demographics," said Yu Yue, customs manager at Xinle. "The inclusion of Saudi Arabia and the United Arab Emirates in the BRICS family provides our company with a significant advantage, enhancing our international market competitiveness and market share."

From January to July, Xinle achieved sales exceeding 20 million yuan ($2.74 million) in the United Arab Emirates alone, representing a year-on-year growth of 46.9 percent.

During the same period, Ningbo's foreign trade volume with the expanded BRICS reached 110 billion yuan, a 13 percent increase compared with the previous year. This accounted for 15.6 percent of the city's total foreign trade. Notably, its exports to Saudi Arabia and the United Arab Emirates alone surpassed 15 billion yuan during the same time frame, registering a year-on-year uptick of over 10 percent.