Russia is considering selling pork exports to BRICS partner China in local currencies such as rubles and Chinese yuan. The use of the US dollar in transactions will be phased out, supporting the de-dollarization goal. China is leveraging its agricultural products to challenge the US dollar, making the local currency the main bid price for goods.
BRICS member Russia is expected to export 75,000 to 80,000 tons of pork to China in 2025. All these transactions will be settled in Chinese yuan or Russian rubles. Pork exports from Russia to China have almost doubled in one year. Russia will export 40,000 tons of meat in 2024, reaching 80,000 tons in 2025.
The BRICS alliance used agricultural products such as soybeans and pork to promote the local currency this year. “Last year’s deliveries were only in the second half of the year. Nevertheless, last year around 40,000 tonnes were sold. It makes no sense to talk about a gradual growth rate this year as we cannot compare the bases. We think we will sell around 75,000-80,000 tonnes.” said Yuri Kovalev, general director of the National Union of Pig Farmers.
BRICS: Pork exports will be settled in local currency
Apart from pork, BRICS members China and Russia have used soybeans and other agricultural products to earn US dollars. Most recently, China opened its agricultural market to South Africa, granting it $23.3 million in market access. South African farmers stand to benefit greatly from this deal, as the US has closed the door through tariffs.
China is opening its doors to trade, while the United States is closing its doors with trade wars and tariffs. Although the BRICS are no longer vocal about de-dollarization, they are pursuing policies that include pork exports. American farmers were under pressure this year after China halted shipments from the United States.
(Tag to translate)BRICS
