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The 11 BRICS economies – Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE – are a major force in world merchandise trade. However, trade within the group is dominated by China. India’s trade with BRICS is also increasingly driven by imports, resulting in a large and rapidly growing deficit.

India’s trade with BRICS

India’s total goods trade with BRICS more than doubled from $203.1 billion in FY2021 to $417.5 billion in FY2026. However, imports grew much faster than exports.

India’s exports to BRICS increased 48.8%, from $64.3 billion to $95.7 billion. Imports rose 131.8%, from $138.8 billion to $321.8 billion. As a result, India’s trade deficit with BRICS more than tripled from $74.5 billion to $226.1 billion.

During the same period, India’s exports to the rest of the world increased 52%, from $227.5 billion to $345.8 billion – slightly faster than exports to BRICS. Therefore, the BRICS share in India’s exports fell marginally from 22% to 21.7%. In contrast, imports from the rest of the........

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