India’s trade with BRICS nations reached $417 billion in fiscal year 2025-26, more than doubling from $203 billion five years ago. While this expansion highlights deeper economic integration, the surge in imports has led to a widening trade deficit. India has now set a target to increase exports to the bloc to $200 billion by 2030, focusing on sectors like pharmaceuticals and engineering.
India's trade relationship with the BRICS bloc has expanded rapidly, with total trade volume hitting $417 billion in the 2025-26 fiscal year. This marks a significant increase from $203 billion in 2020-21, reflecting a shift in global trade alliances. The data, highlighted during the 18th BRICS Summit held in New Delhi this September, underscores India’s growing economic engagement with the group, even as the trade structure brings both opportunities and challenges.
While the headline trade volume is rising, the full economic picture includes a widening trade deficit. India’s exports to BRICS nations stood at $96 billion in 2025-26, which is significantly lower than the total import value from the bloc. This imbalance means that while the trade corridors are active, India is currently importing more goods and services from the bloc than it is selling. For the economy, this creates a situation where managing the balance of payments becomes an important factor for policymakers.
To address this, an industry report by ASSOCHAM has outlined a roadmap for India to increase its exports to the bloc to $200 billion by 2030. The strategy focuses on diversifying beyond traditional exports by moving into high-value sectors such as engineering goods, pharmaceuticals, chemicals, and digital services. The aim is to help Indian companies integrate better into regional and global supply chains, reducing the current reliance on import-heavy trade patterns.
Investors and market participants should note that this growth plan comes with clear risks. A primary concern is the heavy reliance on imports from the BRICS+ group for essential resources, including critical minerals and energy supplies. Any disruption in these supply chains, or shifts in the economic policies of member nations, could impact domestic costs. Furthermore, the goal of reaching $200 billion in exports by 2030 depends on successful execution, including infrastructure upgrades and overcoming potential trade barriers in partner countries.
The key monitorable for the coming quarters will be the government's policy response to these trade figures. Watch for updates on new export incentives, trade agreements, and manufacturing policies aimed at boosting local production in sectors where India is currently reliant on imports. The ability of Indian firms to capture market share within the BRICS bloc will be a crucial factor in narrowing the trade deficit over the long term.