The BRICS Trade Boom Has a $226 Billion Hole for India

India’s BRICS trade doubles since FY21, but import surge widens deficit to $226 billion

Exports to South Africa, Indonesia and China gained momentum in Q1FY27, but a widening trade imbalance, weak market access and rising dependence on imports remain key challenges ahead of the BRICS Summit

The BRICS trade boom has a $226 billion hole for India

The dynamics of India's trade with BRICS nations have transformed, with imports outpacing exports and causing the trade deficit to reach $226.1 billion in FY2026. BRICS countries now represent over 41% of India's merchandise imports, although their export share has slightly diminished. With China, UAE, and Russia leading the surge, India must prioritize export growth to these countries to reverse the escalating trade imbalance.

India-BRICS trade: Key trends and numbers

India’s goods trade with BRICS more than doubled to $417.5 billion in FY26, while the trade deficit more than tripled to $226.1 billion, GTRI said.

Exporters seek better trade balance with BRICS countries

India has remained a major importer from most of the BRICS countries with its merchandise trade deficit at $226 billion in FY 25-26

India Eyes Greater Market Access In BRICS To Boost Exports And Narrow Trade Gap

India is likely to raise market access concerns with its BRICS partners at upcoming meetings as New Delhi seeks to expand bilateral trade and create greater opportunities for Indian exporters. Although India’s trade with BRICS countries has grown, imports have increased far more rapidly than exports. BRICS partners accounted for 41.5% of India’s merchandise imports […]