India's trade with Brics countries has accelerated over the past five years, making the bloc a substantial contributor to the nation's imports. However, this growing trade relationship also highlights a significant issue: India is becoming increasingly reliant on imports from the bloc, which has widened its trade deficit.
Trade Growth and Deficit Trends
A report by Rubix Data Sciences reveals that India's bilateral trade with the other 10 Brics nations reached $416 billion in CY2025, growing at a compound annual growth rate (CAGR) of nearly 10% between CY2021 and CY2025. Despite this increase, India's goods trade deficit with the bloc has nearly doubled over the same period, rising from $117 billion to $224 billion.
Import Surge
The primary driver of the widening deficit is a sharp jump in imports. India's imports from Brics countries stood at $320 billion in CY2025, expanding at a 12% CAGR over five years. Consequently, the Brics' share of India's total imports rose from 36% in CY2021 to 43% in CY2025.
Within the bloc, Russia emerged as one of India's fastest-growing import partners, with imports increasing at a 61% CAGR, largely due to crude oil purchases. The United Arab Emirates (UAE) and Brazil also remained key trade partners, each recording 12% CAGR growth.
Export Performance
Exports, however, have not kept pace with imports. India's exports to Brics countries reached $96 billion in CY2025, growing at a modest 3% CAGR over the same period. Brics accounted for approximately 22% of India's total exports. Among the bloc, exports to the UAE grew the fastest at 11%, followed by Russia at 8% and Egypt at 5%.
Trade Imbalance with Key Partners
The gap between imports and exports has widened India's trade imbalance with several Brics members. In CY2025, India recorded trade deficits with China, Russia, Saudi Arabia, the UAE, and Indonesia, while trade with Brazil and South Africa remained nearly balanced. China remained India's largest source of trade imbalance, with the deficit crossing $100 billion, followed by Russia with a $55 billion deficit.
Brics' Global Trade Position
The report also indicates that the bloc continues to be a major force in global trade. In CY2025, Brics countries recorded total exports of $6.1 trillion and imports of $4.9 trillion, making them net exporters with strong production capacity. Between CY2021 and CY2025, Brics maintained about 25% of global exports and 20% of global imports. The bloc's total trade remained largely unchanged at $10.9 trillion, growing at just 1% CAGR. Brics now accounts for 49.5% of the global population, 40% of world GDP, and 26% of global trade.
