Industry Odisha Bureau, Sep 10: India’s trade with BRICS nations more than doubled in five years. But imports grew far faster than exports. That gap pushed India’s BRICS merchandise trade deficit to $226.1 billion in FY2026, according to the Global Trade Research Initiative.
Imports Outrun Exports
India’s total BRICS goods trade rose from $203.1 billion in FY2021 to $417.5 billion in FY2026. The headline number looks strong. But the composition tells a different story. Exports to BRICS grew 48.8%, reaching $95.7 billion. Imports surged 131.8%, touching $321.8 billion. The deficit nearly tripled from $74.5 billion five years earlier. BRICS now supplies 41.5% of India’s merchandise imports, up from 35.2%. Its share of Indian exports slipped slightly, from 22% to 21.7%.
China, Russia and UAE Drive BRICS Imports
Three countries account for the bulk of this imbalance. China, Russia and the UAE together made up almost 84% of India’s BRICS imports. China alone contributed about 41%. Chinese imports more than doubled, from $65.2 billion to $131.6 billion. Indian exports to China fell 8.1%, to $19.5 billion. Russia’s import numbers rose over tenfold, from $5.5 billion to $55.4 billion, driven largely by energy purchases. Exports to Russia grew more modestly, to $4.5 billion. UAE trade expanded strongly in both directions. Exports rose 124% to $37.4 billion. Imports climbed 140% to $63.9 billion.
India’s BRICS Export Challenge
The UAE remains India’s strongest BRICS export market. Saudi Arabia followed at $10.3 billion. Brazil and South Africa each took around $7 billion. Exports to Indonesia, Iran and Ethiopia declined over the period. The pattern suggests India’s export growth has not kept pace across the bloc. Diversifying beyond a handful of markets looks increasingly necessary.
BRICS Global Trade Power
BRICS economies exported $5.67 trillion in goods in 2025, or 21.6% of world exports. Their combined imports reached $4.58 trillion. Yet trade among members stays comparatively limited. Intra-BRICS exports were just 18.8% of members’ combined exports. China dominates this internal trade, exporting $550.8 billion to fellow BRICS nations. GTRI founder Ajay Srivastava described the structure as a China-centred hub-and-spoke network, rather than a balanced system.
Market Access and Supply Chains
GTRI recommends India pursue better market access in China, Russia and Indonesia. It also points to non-tariff barriers as a constraint. Promoting higher-value exports and diversifying supply chains feature among its suggestions. Local-currency settlements could ease some friction, GTRI noted.
Closing
India’s task is not simply expanding BRICS commerce further. The real challenge lies in narrowing the gap between export growth and import dependence. Broader market access, product diversification and stronger export competitiveness will likely determine how that balance shifts.
