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India's BRICS Trade Hits $416B, Deficit Doubles to $224B Ahead of 2026 Summit

India's trade with BRICS nations surged to $416 billion in CY2025, but the goods trade deficit nearly doubled to $224 billion. Imports grew at a 12% CAGR, driven largely by Russian crude oil, while exports rose only 3% CAGR. China alone contributed over $100 billion to the deficit, followed by Russia at $55 billion. As India hosts the BRICS Foreign Ministers' Meeting, balancing trade terms and diversifying supply chains are key policy priorities.

Key Points: India's BRICS Trade Surges to $416B, Deficit Widens

  • India's BRICS trade hits $416 billion in CY2025
  • Trade deficit doubles to $224 billion from $117 billion
  • Imports grow at 12% CAGR, exports at just 3% CAGR
  • China alone accounts for over $100 billion deficit
3 min read

India's BRICS trade surges to $416 Billion, but widening deficit raises policy imperative ahead of 2026 Summit

India's trade with BRICS nations reaches $416 billion, but the deficit doubles to $224 billion. Key policy challenges ahead of the 2026 Summit.

"The data underscores India's rising import reliance on BRICS economies. - Rubix Data Sciences report"

New Delhi, May 15

India's trade engagement with BRICS nations has grown strongly over the past five years, but the widening trade deficit poses a key policy challenge as New Delhi prepares to host the BRICS Foreign Ministers' Meeting on Thursday and Friday. According to a report by Rubix Data Sciences, India's bilateral trade with the other 10 BRICS countries touched $416 billion in CY2025, registering a nearly 10% CAGR between CY2021 and CY2025. However, the goods trade deficit with the bloc has almost doubled, rising from $117 billion in CY2021 to $224 billion in CY2025.

Looking ahead, India's role within the expanded 11-nation grouping will be shaped by its ability to balance growing import dependencies with efforts to boost outbound shipments and diversify supply chains. With BRICS now representing 49.5% of the global population, 40% of global GDP and 26% of global trade, the bloc's influence on India's trade dynamics is set to increase further under the chairship theme of "Building for Resilience, Innovation, Cooperation and Sustainability."

The data underscores India's rising import reliance on BRICS economies. Cumulative imports from BRICS stood at $320 billion in CY2025, up at a 12% CAGR since CY2021, pushing the bloc's share in India's total imports from 36% to 43%. Russia has emerged as a key source, with imports growing at a 61% CAGR, largely driven by crude oil. The UAE and Brazil also remain major partners, each recording 12% CAGR over the period.

On the export side, growth has been more modest. India's cumulative exports to BRICS stood at $96 billion in CY2025, rising at just 3% CAGR between CY2021 and CY2025. The bloc accounted for about 22% of India's total exports, with the UAE (11%), Russia (8%) and Egypt (5%) showing the fastest growth.

The imbalance is stark at the country level. In CY2025, India ran a trade deficit with five BRICS members China, Russia, Saudi Arabia, UAE and Indonesia while maintaining a near-balanced trade with Brazil and South Africa. China alone accounted for a deficit exceeding $100 billion, followed by Russia at $55 billion.

Globally, BRICS nations are net exporters, with cumulative exports at $6.1 trillion and imports at $4.9 trillion in CY2025, reflecting their strong production capacities. The bloc's share of global exports has held steady at around 25% and imports at 20% between CY2021 and CY2025, while total trade remained largely flat at $10.9 trillion with a 1% CAGR.

As India hosts the BRICS Foreign Ministers' Meeting this month, the focus will be on reforms to global governance and the multilateral system under the "BRICS@20" agenda. For India, the forward path lies in leveraging the grouping to secure more balanced trade terms, strengthen energy and supply chain cooperation, and push for a more inclusive global economic order while narrowing the widening deficit with key partners.

- ANI

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Reader Comments

P
Priya S
The 61% CAGR growth in imports from Russia is eye-opening – mostly crude oil, which makes sense given discounts. But we're essentially trading one dependency (Middle East) for another (Russia). The real win would be investing that savings into domestic renewable energy and manufacturing. Otherwise, this BRICS boost is just a short-term fix. 📉
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Vikram M
I'm concerned about the China deficit. $100 billion is unsustainable. At some point, we need to have tough conversations about non-tariff barriers and market access. The BRICS forum should be used to address this, not just talk about global governance reforms. We can't keep buying Chinese electronics and machinery without reciprocation.
S
Siddharth J
It's good that we're hosting the Foreign Ministers' Meeting. But the report highlights a clear problem: our exports to BRICS grew only 3% CAGR while imports grew 12%. That's a recipe for trouble unless we boost our manufacturing competitiveness. Make in India needs to target these markets specifically. The 'BRICS@20' agenda must include concrete trade facilitation measures for Indian exporters.
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Rohit P
Positive development overall! BRICS represents 40% of global GDP and 49.5% of population – India must be at the center of this. The deficit is a short-term pain for long-term gain if we can negotiate better terms. Plus, our services exports aren't fully captured in these goods trade numbers. Let's not forget our IT and pharma strengths which are world-class. 💪
K
Kavya N

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