India's trade with the BRICS nations has seen a remarkable surge, reaching a staggering $416 billion in CY2025, according to a report by Rubix Data Sciences. This growth is impressive, but it also highlights a critical issue: India's trade deficit with these countries is widening. The report reveals that while imports from BRICS countries have skyrocketed, exports have not kept pace, leading to a widening trade imbalance. This trend is particularly concerning given the bloc's growing influence in global trade.
One of the key findings is the significant increase in imports from BRICS nations, which reached $320 billion in CY2025, growing at a 12% CAGR over five years. This surge in imports has pushed the bloc's share of India's total imports from 36% in CY2021 to 43% in CY2025. Within the bloc, Russia stands out as a major import partner, with imports rising at a remarkable 61% CAGR, largely due to crude oil purchases. The UAE and Brazil also remain significant trade partners, each recording 12% CAGR growth.
However, the story is not all positive. India's exports to BRICS countries have not matched the growth in imports, reaching only $96 billion in CY2025, with a 3% CAGR. This disparity has contributed to a widening trade deficit with several BRICS members. In CY2025, India posted trade deficits with China, Russia, Saudi Arabia, the UAE, and Indonesia, while trade with Brazil and South Africa remained nearly balanced. China, in particular, remains India's biggest source of trade imbalance, with a deficit exceeding $100 billion, followed by Russia at $55 billion.
Despite these challenges, the BRICS bloc continues to be a significant player 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 a substantial share of global exports and imports, accounting for about 25% of global exports and 20% of global imports. The bloc's total trade stood 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.
This growth and influence of the BRICS bloc raise important questions about India's economic strategy and its relationship with these countries. As India's trade with BRICS nations continues to evolve, it will be crucial to address the widening trade deficit and ensure a more balanced and sustainable trade relationship. The report highlights the need for a comprehensive review of India's trade policies and strategies to navigate the complexities of this growing economic bloc.
