3 hrs ago
India Urged to Address Widening BRICS Trade Deficit
India buys much more from BRICS countries than it sells to them.
This gap is called a trade deficit.
The gap grew from $74.5 billion in FY2021 to $226.1 billion in FY2026.
India’s imports grew much faster than its exports.
China, the United Arab Emirates and Russia supplied most of India’s imports from the group.
Russia’s supplies increased sharply because India bought more crude oil.
India sold the most goods to the United Arab Emirates within BRICS.
GTRI said India should improve access to foreign markets and sell more valuable products.
It also recommended reducing reliance on a small number of suppliers.
BRICS trade could increase the deficit further unless India’s exports grow more quickly.
India’s trade with BRICS countries doubled from $203.1 billion in FY2021 to $417.5 billion in FY2026.
India’s trade deficit with the bloc tripled from $74.5 billion to $226.1 billion over the same period.
Exports to BRICS rose 48.8% to $95.7 billion, while imports surged 131.8% to $321.8 billion.
China, the United Arab Emirates and Russia supplied nearly 84% of India’s BRICS imports.
GTRI recommended better market access, fewer non-tariff barriers, higher-value exports and more diversified suppliers.
- Who
- India and its BRICS trading partners, with recommendations from the Global Trade Research Initiative.
- What
- India’s trade deficit with BRICS countries tripled as imports grew much faster than exports.
- Where
- Trade between India and other BRICS countries.
- When
- The comparison covers FY2021 to FY2026.
- Why
- India’s imports of machinery, industrial inputs, energy and commodities—especially from China and Russia—rose faster than its exports.
Key facts
- Trade value
- India’s BRICS trade increased from $203.1 billion in FY2021 to $417.5 billion in FY2026.
- Trade deficit
- The deficit rose from $74.5 billion to $226.1 billion.
- Exports
- India’s exports to BRICS grew 48.8% to $95.7 billion.
- Imports
- India’s imports from BRICS rose 131.8% to $321.8 billion.
- Largest import suppliers
- China, the United Arab Emirates and Russia accounted for almost 84% of India’s BRICS imports.
- Largest export market
- The United Arab Emirates received $37.4 billion of Indian exports in FY2026.
- BRICS global trade
- BRICS countries account for 22% of global exports, while intra-BRICS trade accounts for 4%.
Quotes
GTRI
Research organisation cited for the trade analysis and recommendations.
“There is considerable scope for growth through better market access, lower trade barriers, improved logistics, local-currency settlement and more diversified supply chains.”
deccanchronicle.com
“India recorded the bloc’s largest trade deficit and must expand exports to China, Russia and Indonesia while reducing dependence on a few major suppliers”
deccanchronicle.com
Sources
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