India's BRICS Trade Deficit Expands to $226 Billion as Imports Outpace Exports Ahead of 18th Summit

Ahead of the 18th BRICS Summit in New Delhi, economic assessments by the Global Trade Research Initiative (GTRI) and Rubix Data Sciences reveal a widening commercial trade gap between India and the expanded 11-member bloc. India's goods trade deficit with BRICS partners surged to $226.1 billion in FY 2025–26, up sharply from $74.5 billion five years prior. During the first half of CY 2026 alone, the trade deficit rose 17.2% year-on-year to approximately $130 billion. While bilateral trade with BRICS member states doubled to $417.5 billion over five years, imports surged by 131.8% to $321.8 billion, heavily weighted by crude oil, natural gas, and electronic capital goods from China and Russia. In contrast, Indian merchandise exports to the bloc grew at a slower pace of 48.8% to $95.7 billion, slipping slightly in share relative to India's total global exports. Currently, India maintains a trade surplus with only Egypt and Ethiopia among BRICS members. Industry bodies, including the Federation of Indian Export Organisations (FIEO), have urged the Ministry of Commerce to leverage India's BRICS Chairship to address non-tariff barriers, deepen market access, and establish resilient local-currency payment mechanisms. Establishing balanced trade flows is essential for maintaining India's foreign exchange stability and promoting domestic manufacturing under global supply chain realignments.