India’s total goods trade with BRICS more than doubled to USD 417.5 billion in FY26 from USD 203.1 billion in FY21, while the trade deficit more than tripled to USD 226.1 billion, according to GTRI.

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India will host the BRICS summit here on September 12-13, 2026.The country assumed the BRICS Chairship on January 1, 2026, under the theme 'Building for Resilience, Innovation, Cooperation and Sustainability'.BRICS brings together eleven major emerging and developing economies - Brazil, China, Egypt, Ethiopia, Indonesia, India, Iran, Russia, Saudi Arabia, South Africa, and the United Arab Emirates.Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam participate as the BRICS Partner Countries.Collectively, BRICS represents around 49 per cent of the world's population, and about 40 per cent of global GDP (PPP).Here is a snapshot of India's trade with other BRICS member countries:TWO-WAY TRADEIndia's total goods trade with BRICS more than doubled from USD 203.1 billion in FY21 to USD 417.5 billion in FY26.India's exports to BRICS increased 48.8 per cent, from USD 64.3 billion to USD 95.7 billion.On the other hand, imports rose 131.8 per cent, from USD 138.8 billion to USD 321.8 billion."As a result, India's trade deficit with BRICS more than tripled from USD 74.5 billion to USD 226.1 billion," according to economic think tank GTRI.The BRICS share in India's exports fell marginally from 22 per cent to 21.7 per cent. In contrast, imports increased 131.8 per cent. This pushed the BRICS share in India's imports sharply higher, from 35.2 per cent to 41.5 per cent, it said.INDIA'S LARGEST EXPORT MARKETThe UAE was India's largest export market within BRICS in FY26, receiving goods worth USD 37.4 billion, up 124 per cent from FY21.China ranked second at USD 19.5 billion. Other major destinations were Saudi Arabia at USD 10.3 billion, Brazil and South Africa at USD 7 billion each, and Russia and Indonesia at USD 4.5 billion.India's exports declined to Indonesia, Iran and Ethiopia.China remained India's largest supplier within BRICS.Imports from China doubled from USD 65.2 billion to USD 131.6 billion and accounted for about 41 per cent of India's BRICS imports.The UAE supplied goods worth USD 63.9 billion. Imports from Russia increased more than tenfold, from USD 5.5 billion to USD 55.4 billion, mainly because of higher energy purchases, GTRI said.China, the UAE and Russia together accounted for almost 84 per cent of India's imports from BRICS.INTRA-BRICS TRADEThe GTRI report said that BRICS countries export about USD 1.1 trillion to one another, equal to 18.8 per cent of their combined global exports.They imported goods worth USD 1.4 trillion from fellow BRICS members, representing 29.5 per cent of their global imports."Thus, BRICS is more important to its members as a source of imports than as an export market."Intra-BRICS exports account for only 4.1 per cent of world exports, while intra-BRICS imports represent 5.4 per cent of world imports," it said.In 2025, BRICS countries exported goods worth USD 5.67 trillion, accounting for 21.6 per cent of world exports of USD 26.3 trillion.Their imports totalled USD 4.58 trillion, or 17.3 per cent of world imports of USD 26.5 trillion. The bloc therefore recorded an overall merchandise trade surplus of about USD 1.09 trillion.China dominates intra-BRICS trade, exporting USD 550.8 billion to other members and importing USD 464.9 billion from them.GTRI COMMENTSGTRI founder Ajay Srivastava said for India, the priority should be to correct the growing imbalance.BRICS is becoming an increasingly important source of machinery, industrial inputs, energy and commodities. However, it is not absorbing a comparable share of Indian exports, he said."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," he added.Two-way goods trade: $417.5 billion in FY26, up from $203.1 billion in FY21Exports: $95.7 billion, up 48.8%Imports: $321.8 billion, up 131.8%Trade deficit: $226.1 billion, up from $74.5 billionLargest export market: UAE — $37.4 billionLargest supplier: China — $131.6 billionChina, UAE and Russia: 84% of India’s BRICS importsPublished on September 10, 2026