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India’s BRICS Trade Grows as Deficit Widens Ahead of Summit
India trades with the countries in the BRICS group.
From FY21 to FY26, India bought much more from these countries than it sold to them.
This made India’s trade deficit grow to $226.1 billion.
China, the United Arab Emirates and Russia were India’s biggest BRICS suppliers.
The United Arab Emirates was India’s biggest export destination within the group.
BRICS countries are also trying to trade more with one another.
Some members want to rely less on the United States dollar.
India wants better access to markets in China, Russia and Indonesia.
India will host the BRICS meeting in New Delhi while conflicts in the Middle East create diplomatic and energy challenges.
India’s goods trade with BRICS more than doubled from $203.1 billion in FY21 to $417.5 billion in FY26.
India’s exports to BRICS rose 48.8% to $95.7 billion, while imports increased 131.8% to $321.8 billion.
India’s trade deficit with BRICS more than tripled from $74.5 billion to $226.1 billion.
China, the United Arab Emirates and Russia supplied nearly 84% of India’s BRICS imports in FY26.
India will host the BRICS summit in New Delhi on September 12-13, 2026, amid tensions involving the United States and Iran.
- Who
- India and the 11 members of BRICS, including China, Russia, the United Arab Emirates, Saudi Arabia, Brazil, Indonesia, Iran, Ethiopia and South Africa.
- What
- India’s trade with BRICS expanded sharply, but its deficit with the group reached $226.1 billion; India is also preparing to host the 2026 BRICS summit.
- Where
- The summit will be held in New Delhi, India; the trade involves BRICS economies across Asia, Europe, the Middle East, Africa and Latin America.
- When
- India assumed the BRICS chairship on January 1, 2026, and will host the summit on September 12-13, 2026. The cited trade comparison covers FY21 to FY26.
- Why
- Trade increased mainly because India’s imports, including machinery, industrial inputs, energy and commodities, grew much faster than its exports.
Deeper BRICS Cooperation
Trade Imbalance and Strategic Risks
Economic integration
Deeper BRICS Cooperation
Greater intra-BRICS trade could strengthen supply chains, investment and financial settlements, while supporting efforts to reduce dependence on the United States dollar.
Trade Imbalance and Strategic Risks
For India, deeper trade has so far increased imports much faster than exports, widening its deficit and dependence on a small number of suppliers.
India’s trade strategy
Deeper BRICS Cooperation
BRICS gives India access to major markets and sources of machinery, industrial inputs, energy and commodities.
Trade Imbalance and Strategic Risks
India needs better market access in China, Russia and Indonesia, fewer non-tariff barriers, more high-value exports and less dependence on concentrated suppliers, according to the Global Trade Research Initiative.
Diplomatic outlook
Deeper BRICS Cooperation
India’s chairship and summit provide an opportunity to promote cooperation among emerging economies and seek consensus on trade and finance.
Trade Imbalance and Strategic Risks
Differing interests among Iran, the United Arab Emirates and Saudi Arabia, alongside the United States-Iran conflict and wider wars, could make consensus difficult and threaten energy security and shipping.
Key facts
- India’s FY26 BRICS trade
- Exports: $95.7 billion; imports: $321.8 billion; total trade: $417.5 billion.
- India’s BRICS trade deficit
- $226.1 billion in FY26, up from $74.5 billion in FY21.
- Largest export destination
- The United Arab Emirates, with Indian exports of $37.4 billion in FY26.
- Largest supplier
- China, with supplies to India rising from $65.2 billion in FY21 to $131.6 billion in FY26.
- Other major suppliers
- The United Arab Emirates supplied $63.9 billion and Russia supplied $55.4 billion in FY26.
- BRICS global trade
- In 2025, BRICS members exported $5.67 trillion and imported $4.58 trillion.
- Summit theme
- “Building for Resilience, Innovation, Cooperation and Sustainability”.
Quotes
Ajay Srivastava
Founder of the Global Trade Research Initiative, which analyzed India’s BRICS trade.
“India should seek better market access in China, Russia and Indonesia, address non-tariff barriers, promote higher-value exports and reduce excessive dependence on a few BRICS suppliers. Without stronger export growth, deeper intra-BRICS trade could further widen India's already large trade deficit,”
livemint.com
“Fragmentation is growing, and great powers are at loggerheads with each other. Wars are raging across the world from the Middle East to Europe, with no end in sight,”
livemint.com
Sources
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