India Faces Trade Deficit Crisis with BRICS Countries as Chinese Imports Surge

Source: Aaj Tak | Original Published At: 2026-09-11 02:14:02 UTC

Key Points

• India's trade deficit with 10 BRICS partner countries rose to $226.1 billion, or about Rs 19 trillion, in 2025-26.
• India imported about $321.8 billion from BRICS countries and exported about $95.7 billion to them.
• China accounted for the largest share of India's deficit at $112.2 billion, with total bilateral trade reaching a record $155 billion.
• India remains heavily dependent on China in electronics, machinery, solar equipment and batteries.
• BRICS members are discussing local-currency trade and cross-border payments to reduce dependence on the dollar, but no common currency or payment system has been adopted.
• India and Brazil are exploring interoperability between UPI and Pix, while CBDC-based cross-border payment options are also being considered.
• BRICS initiatives also focus on easier trade finance for MSMEs, supply-chain cooperation in pharma, agriculture and food security, and cross-border digital services.