India’s BRICS Trade Surges, But So Does Its $130 Bn Deficit

Source: Outlook Business | Original Published At: 2026-09-11 10:41:02 UTC

Key Points

• India is preparing to host the 18th BRICS Summit in New Delhi on September 12-13, 2026.
• In H1 CY2026, India’s exports to other BRICS members were about $48 billion, while imports reached nearly $178 billion, producing a $130 billion deficit that widened 17.2% year on year.
• The other 10 BRICS members accounted for 43% of India’s merchandise imports but only 20% of its exports.
• China and Russia together made up 61% of India’s imports from other BRICS economies, with India’s largest deficits being $62.9 billion with China and $33.6 billion with Russia.
• India recorded trade surpluses within the bloc only with Egypt and Ethiopia, while running deficits with the remaining eight BRICS members.
• The expanded 11-member BRICS grouping accounted for about 24% of global merchandise exports and 19% of global merchandise imports in CY2025, with total merchandise trade near $11 trillion.
• Geopolitical disruptions in West Asia have affected BRICS trade, with Iran’s total merchandise trade falling 22.8% year on year in H1 CY2026 and the UAE recording a 10% contraction.