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Intra-BRICS Trade Hits $1.17 Trillion, Faces Growth Tests
BRICS countries now trade more than $1.17 trillion worth of goods with one another.
This is much higher than their trade in 2003.
However, only a small share of their total world trade happens inside the group.
China is the biggest participant in this trade network.
India buys much more from BRICS countries than it sells to them, creating a large trade deficit.
Experts say digital services, clean-energy products and better supply chains could increase trade.
Easier payments between countries could also help.
India wants better access to markets and fewer trade barriers.
The challenge is making sure more trade creates exports for India instead of only increasing its imports.
Intra-BRICS merchandise trade reached $1.17 trillion in 2024, more than 13 times its 2003 level.
BRICS members accounted for 21.6% of global exports and 17.3% of global imports in 2025.
India’s trade deficit with BRICS widened to $226.1 billion in FY2026 as imports rose faster than exports.
Digital services, green industries, supply-chain cooperation and cross-border payments are identified as possible growth areas.
India’s exports to BRICS could reach $200 billion by 2030, according to an industry report cited by the article.
- Who
- The BRICS member economies, including India, China, Russia, the United Arab Emirates, Brazil and South Africa.
- What
- Intra-BRICS merchandise trade reached $1.17 trillion, while members consider ways to expand and balance trade.
- Where
- The issue is being discussed in connection with the 18th BRICS Summit in New Delhi.
- When
- The trade figure covers 2024; India’s trade data covers FY2021 to FY2026, ahead of the 2026 BRICS Summit.
- Why
- BRICS members want to increase trade through better market access, digital payments, stronger supply chains, services and green industries.
Expansion Opportunity
Trade-Balance Concern
Expanding intra-BRICS trade
Expansion Opportunity
Services, digital trade, green industries, easier payments and stronger supply chains could push trade beyond $1.17 trillion.
Trade-Balance Concern
Greater trade may not benefit every member equally unless barriers are reduced and trade flows become more balanced.
India’s position
Expansion Opportunity
A larger BRICS network could provide India with more markets for exports, with exports potentially reaching $200 billion by 2030.
Trade-Balance Concern
India’s imports from BRICS have grown much faster than its exports, producing a $226.1 billion deficit in FY2026.
Trade with major suppliers
Expansion Opportunity
China, Russia and the United Arab Emirates provide substantial supply opportunities for India within the bloc.
Trade-Balance Concern
India’s dependence on a few BRICS suppliers is a concern, with those three countries accounting for nearly 84% of its BRICS imports.
Key facts
- Intra-BRICS trade
- $1.17 trillion in merchandise trade in 2024
- Growth since 2003
- More than 13-fold, from $84 billion to $1.17 trillion
- BRICS exports in 2025
- $5.67 trillion, or 21.6% of global exports
- BRICS imports in 2025
- $4.58 trillion, or 17.3% of global imports
- India’s BRICS trade deficit
- $226.1 billion in FY2026, compared with $74.5 billion five years earlier
- India’s FY2026 BRICS trade
- $95.7 billion in exports and $321.8 billion in imports
- Potential export target
- India’s exports to BRICS could reach $200 billion by 2030
Quotes
Global Times op-ed piece
An opinion article published by China’s Global Times.
“The New Delhi summit may present a crucial opportunity to convert these scattered sources of potential into concrete results.”
news18.com
Ajay Srivastava
Founder of the Global Trade Research Initiative.
“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.”
news18.com
Sources
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