Radio: 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. WFIU’s Lauren Clark reports
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The report says importing differs dramatically throughout the BRICS countries. China for example, imported 1.3 billion dollars worth of goods from Indiana last year, Russia meanwhile, only imported 100 million dollars worth of goods from the Hoosier state.
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.
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“So we looked at countries that were either growing very very quickly had a certain threshold of per capita gross domestic product which would say that the 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.
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“More exporting means more jobs more income growth more economic growth for the state.”
Indiana is exporting more goods to BRICS countries than any other state in the Midwest. For WFIU News, I’m Lauren Clark.
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