That export performance of the Brics has beendisappointing in recent years is well known. What hasn’t been appreciated is the extraordinary lengths the governments of Brazil, Russia, India, China and South Africa have gone to boost their exports. Indeed, once such initiatives are taken into account, recent export performance is cast in a worse light, raising the question—is the Brics competitiveness problem worse than previously thought?

At the end of May 2015, the OECD published data on the first quarter’s exports and imports of leading trading nations, including those for Brics. This data showed that in US dollar terms the total value of each Brics nation’s exports was falling. Worse, the exports of Brazil, India, Russia, and South Africa have essentially stagnated over the past four years or deteriorated significantly. China’s exports appear to have plateaued at the end of 2014 (see Figure 1).

The Brics have gone to great lengths to artificially stimulate their exports. They have joined the export financing game. Recently, the FT reported that China had quadrupled its export financing to over $400bn in just five years. (For reference: US export financing lies well below $50bn.) On May 12, 2015 a bill was put before the Russian parliament to expand the support given by Vnesheconombank to exporters. India, by contrast, establishes funds for specified trading partners which can be drawn down if purchases of Indian products are made. In recent years Brazil has taken nine steps to bolster export financing.