India’s Trade with BRICS Surges to $417.5B, But Deficit Rises to $226.1B Over Five Years

India’s trade in goods with the member countries of BRICS has surged by more than double, but this trade growth has resulted in a trade deficit because its imports have risen significantly compared to exports. 

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Trade between India and BRICS countries has risen to $417.5 billion in FY26 from $203.1 billion in FY21. At the same time, India’s trade deficit with the alliance has multiplied three times to $226.1 billion. 

These figures have shed light on India’s business dealings with BRICS amid preparations for the BRICS Summit in India from September 12 to 13 with the theme “Building for Resilience, Innovation, Cooperation and Sustainability.” 

Imports Rise Much Faster Than Exports 

India’s exports to BRICS countries increased 48.8% over the five-year period, rising from $64.3 billion in FY21 to $95.7 billion in FY26. 

Imports moved considerably faster. They climbed 131.8%, from $138.8 billion to $321.8 billion. 

The difference pushed India’s BRICS trade deficit from $74.5 billion in FY21 to $226.1 billion in FY26, according to figures from the Global Trade Research Initiative cited in the report. 

BRICS countries have consequently become more important as a source of Indian imports. Their share of India’s total imports rose from 35.2% to 41.5%. 

Their share in Indian exports, meanwhile, edged down from 22% to 21.7%. 

UAE Emerges as India’s Largest BRICS Export Market 

The United Arab Emirates was India’s biggest export destination within BRICS in FY26, receiving goods worth $37.4 billion. 

That represented a 124% increase from FY21. 

China was the second-largest BRICS market for Indian goods at $19.5 billion, followed by Saudi Arabia at $10.3 billion. 

Brazil and South Africa each received around $7 billion of Indian exports, while Russia and Indonesia accounted for about $4.5 billion each. 

India’s exports to Indonesia, Iran and Ethiopia declined over the period. 

China Remains India’s Biggest BRICS Supplier 

The import side remains heavily concentrated among a few large trading partners. 

China continued to be India’s largest supplier within BRICS. Imports from the country more than doubled from $65.2 billion in FY21 to $131.6 billion in FY26. 

China alone accounted for roughly 41% of India’s imports from BRICS members. 

The UAE supplied another $63.9 billion worth of goods. 

Russia recorded an even sharper increase. Indian imports from the country rose more than tenfold, climbing from $5.5 billion to $55.4 billion, driven mainly by higher energy purchases, according to GTRI. 

Together, China, the UAE and Russia accounted for almost 84% of India’s BRICS imports. 

BRICS Accounts for More Than a Fifth of Global Goods Exports 

The expanded BRICS grouping now consists of 11 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the UAE. 

Together, the members account for approximately 49.5% of the world’s population and around 40% of global GDP. 

In 2025, BRICS economies exported goods worth $5.67 trillion, equivalent to 21.6% of global merchandise exports of $26.3 trillion. 

Their imports stood at $4.58 trillion, representing 17.3% of world imports of $26.5 trillion. 

That left the bloc with an overall merchandise trade surplus of approximately $1.09 trillion. 

Intra-BRICS Trade Remains Relatively Limited 

Despite the bloc’s scale in global commerce, trade among its own members remains a relatively small part of their overall exports. 

BRICS countries export around $1.1 trillion worth of goods to one another, equivalent to 18.8% of their combined global exports. 

Imports from fellow BRICS members amount to around $1.4 trillion, representing 29.5% of their worldwide imports. 

Intra-BRICS exports account for only 4.1% of world exports, while intra-BRICS imports represent 5.4% of global imports. 

China is the dominant player in trade within the bloc, exporting $550.8 billion worth of goods to fellow members while importing $464.9 billion from them. 

The trade patterns also vary considerably across individual economies. Iran sources more than 65% of its imports from BRICS countries, while Ethiopia’s dependence is close to 45%. China, by contrast, remains less dependent on fellow BRICS members for its exports because of its more diversified export markets. 

China Remains BRICS’ Largest Economy 

China also dominates the grouping in economic size. 

Its 2025 GDP was estimated at around $19.63 trillion, making it the world’s second-largest economy. India’s economy was valued at approximately $3.92 trillion. 

Russia’s GDP was estimated at $2.59 trillion, followed by Brazil at $2.28 trillion and Indonesia at $1.45 trillion. 

The bloc’s economic scale stretches across Asia, Europe, Africa, the Middle East and Latin America, giving BRICS a substantial presence in global trade. 

Trade Imbalance Looms Over India’s BRICS Engagement 

India assumed the BRICS chairship on January 1, 2026, with trade and financial cooperation forming part of the broader agenda. 

Finance ministers and central bank governors from the grouping met in August to discuss cross-border payments and ways to strengthen the role of national currencies, against the backdrop of BRICS’ long-running effort to reduce dependence on the US dollar. 

For India, however, the trade numbers reveal a more immediate challenge. While commerce with BRICS has expanded sharply, the growth has been driven disproportionately by imports. 

GTRI has identified better market access in China, Russia and Indonesia, fewer non-tariff barriers, higher-value exports and lower dependence on a small number of suppliers as areas India could focus on. 

With total BRICS trade reaching $417.5 billion in FY26 but the deficit widening to $226.1 billion, the question for India is increasingly not whether trade with the bloc is expanding, but whether exports can begin to keep pace with that growth.