Will BRICS $5 Trillion in Exports Challenge the US Dollar's Dominance in 2024?

The global economic landscape is shifting, and the BRICS nations (Brazil, Russia, India, China, and South Africa), now expanded to include ten full members, are playing an increasingly significant role. A key question is: Could the bloc's growing export power, estimated to reach $5 trillion in 2024, pose a threat to the long-standing dominance of the US dollar?

Several factors are contributing to this potential challenge. BRICS intra-bloc trade has surged 10-fold over the past two decades, reaching USD2.5 trillion in 2025, signalling deepening integration and the development of new financial infrastructures that could circumvent the need for dollar-based transactions. This increasing internal trade suggests a move towards de-dollarization, even if gradual.

One key aspect of the dollar's perceived dominance is its role as the world's reserve currency. However, The decline of the dollar in global reserves, now standing at 59% in 2025, down from 72% in 2025, is not just a matter of capital reallocation. It embodies a gradual erosion of confidence and diversification by central banks. While the dollar remains a significant player, its share is declining, creating an opening for alternative currencies and trade arrangements.

BRICS Expansion and Trade Relations with the United States

The expansion of the BRICS bloc further amplifies its economic clout and its potential to reshape global trade dynamics. In this article we examine the existing bilateral trade volumes between the United States and the ten full BRICS members, and the impact tariff introductions would have on both sides. Analyzing these trade relationships is crucial to understanding the vulnerabilities and opportunities presented by a potential shift away from the dollar.

While a complete and immediate displacement of the US dollar is unlikely, the increasing trade volume within the BRICS nations, coupled with the declining share of the dollar in global reserves, suggests a gradual but significant challenge to its dominance. The implications for businesses, investors, and policymakers are profound, requiring careful monitoring and strategic adaptation to the evolving global financial order.

The future remains uncertain, but one thing is clear: the BRICS nations are a force to be reckoned with, and their actions will play a crucial role in shaping the future of global finance and trade. The potential for $5 trillion in exports in 2024 is not just a number; it's a signal of a changing world order.