In a new study the Indiana Business Research Center identifies several trade target countries that rival the BRICS in export growth potential. BRICS is an acronym for Brazil, Russia, India, China and South Africa – five countries that are noted for their rapidly emerging economies.
The report says importing differs dramatically throughout the BRICS countries. China for example, imported $1.3 billion worth of goods from Indiana last year. Russia meanwhile, only imported $100 million worth of goods.
Tim Slaper is one of the co-authors of the new study. He says their research shows the need to include more countries in BRICS that have emerging export markets.
“We looked at countries that were either growing very very quickly and had a certain threshold of per capita gross domestic product which would say that it was relatively wealthy visa vie say other emerging countries and if it had a decent size population.”
The countries Slaper says are included in what the report calls BRICS plus include Chile, Colombia, Mexico, Malaysia, Saudi Arabia, South Korea and Thailand. The plus countries all imported more Indiana goods than Russia in 2012. The top export goods include industrial machinery, industrial equipment and pharmaceutical and life science products.
“More exporting means more jobs more income growth more economic growth for the state,” Slaper says.
Indiana is exporting more goods to BRICS countries than any other state in the Midwest.