The BRICS trade boom has a $226 billion hole for India

Source: The Economic Times | Original Published At: 2026-09-10 07:41:00 UTC

Key Points

• India's trade deficit with BRICS reached $226.1 billion in FY2026, more than three times the $74.5 billion recorded in FY2021, according to the Global Trade Research Initiative.
• India's total goods trade with the 11-member BRICS grouping doubled from $203.1 billion in FY2021 to $417.5 billion in FY2026.
• Imports from BRICS rose 131.8% to $321.8 billion, while exports to BRICS increased 48.8% to $95.7 billion.
• BRICS countries accounted for 41.5% of India's total merchandise imports, while their share in India's exports slipped to 21.7%.
• China, the United Arab Emirates and Russia made up almost 84% of India's imports from BRICS, with China alone accounting for about 41%.
• Intra-BRICS trade remains modest relative to the bloc's global trade weight, with member-to-member exports equal to 18.8% of combined exports and member-to-member imports equal to 29.5% of total imports.
• GTRI recommends that India seek better market access in China, Russia and Indonesia, address non-tariff barriers, promote higher-value exports and reduce dependence on a few BRICS suppliers.