BRICS+ markets could absorb 53% of India’s US-bound exports if tariffs bite, analysis shows

Source: Moneycontrol | Original Published At: 2026-09-17 09:36:28 UTC

Key Points

• Nearly $42 billion worth of Indian exports currently headed to the United States could potentially find alternative markets among BRICS+ economies if higher US tariffs disrupt trade.
• The analysis is triggered by US legislation that could allow tariffs of up to 100% on major buyers of Russian oil and natural gas, potentially affecting India and China.
• Pharmaceuticals, frozen shrimp, rice, spices, processed foods, chemicals, plastics, rubber products, leather goods and several manufactured products are identified as areas with potential BRICS+ demand.
• BRICS+ economies imported about $37.14 billion of medicaments, with only about $2.34 billion supplied by India, leaving substantial market capacity.
• BRICS+ economies imported around $5.27 billion of frozen shrimp and prawns, while India supplied about $1.27 billion, leaving nearly $4 billion of demand served by other countries.
• New Delhi recently hosted ten BRICS nations and ten partner countries, which reached consensus on securing supply chains and promoting local currency trade.
• The analysis cautions that diversification is possible but not automatic, as prices, standards and consumer preferences will determine how much Indian exporters can capture.