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India’s BRICS Trade Deficit Surges as Imports Outpace Exports
India traded much more with BRICS countries in FY26 than it did in FY21.
However, India bought far more goods from these countries than it sold to them.
This caused India’s trade gap, called a trade deficit, to grow to $226.1 billion.
China was India’s biggest supplier in the group.
Russia also sold much more to India, mainly because India bought more energy.
The United Arab Emirates was India’s biggest export destination within BRICS.
A research group called GTRI said India should sell more valuable products abroad.
It also said India should seek better access to markets and reduce its reliance on a small number of suppliers.
India’s goods trade with BRICS more than doubled from $203.1 billion in FY21 to $417.5 billion in FY26.
The trade deficit rose from $74.5 billion to $226.1 billion as imports grew 131.8%, compared with 48.8% export growth.
China remained India’s largest BRICS supplier, with imports doubling to $131.6 billion in FY26.
Imports from Russia increased more than tenfold to $55.4 billion, mainly because of higher energy purchases.
GTRI recommended better market access, action against non-tariff barriers, higher-value exports, and less dependence on a few suppliers.
- Who
- India and the BRICS member countries, particularly China, Russia, and the United Arab Emirates.
- What
- India’s trade deficit with BRICS increased to $226.1 billion as imports grew much faster than exports.
- Where
- The trade involved India and BRICS member economies; the 2026 summit will be held in India.
- When
- The increase occurred between FY21 and FY26; India will host the BRICS summit on September 12-13, 2026.
- Why
- Imports of machinery, industrial inputs, energy, and commodities rose faster than India’s exports to BRICS countries.
Key facts
- India’s BRICS trade
- $417.5 billion in FY26, up from $203.1 billion in FY21
- Trade deficit
- $226.1 billion in FY26, compared with $74.5 billion in FY21
- Exports
- $95.7 billion in FY26, up 48.8% from FY21
- Imports
- $321.8 billion in FY26, up 131.8% from FY21
- Largest export market
- United Arab Emirates, receiving $37.4 billion from India in FY26
- Largest supplier
- China, supplying India with $131.6 billion in FY26
- Russia imports
- $55.4 billion in FY26, compared with $5.5 billion in FY21
Quotes
Global Trade Research Initiative (GTRI)
Economic think tank cited for the trade analysis
“As a result, India's trade deficit with BRICS more than tripled from $74.5 billion to $226.1 billion,”
rediff.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. Without stronger export growth, deeper intra-BRICS trade could further widen India's already large trade deficit.”
rediff.com
Sources
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