 "How much is Brics worth for India? A look at business, trade links")
India’s trade ties with the Brics bloc are expanding rapidly, as the country deepens its economic engagement with a group that now represents nearly half the world’s population and about 40 per cent of global GDP.
However, the surge in trade volumes has come with widening deficits, particularly with China and Russia, raising questions about the sustainability and strategic value of these partnerships, according to a report by Rubix Data Sciences.
The Brics grouping, originally comprising Brazil, Russia, India, China, and South Africa, now includes Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Together, the 11-member bloc accounted for $10.5 trillion in trade in 2024, with Brics nations emerging as net exporters in global merchandise flows.
India’s growing trade with Brics
India’s total trade with Brics nations touched $399 billion in 2024, growing at an annual rate of 20 per cent since 2020. However, the country’s trade deficit with Brics widened nearly threefold over the same period, from $68 billion to $209 billion.
Imports from Brics countries reached $304 billion last year, up 24 per cent annually since 2020. That now accounts for 43 per cent of India’s total imports, a significant rise from 35 per cent just four years earlier.
A major driver of this surge is Russia, which has become India’s top crude oil supplier. India imported an average of 1.76 million barrels per day from Russia in FY2025, making up 35 per cent of its total oil imports. Imports from the UAE, Indonesia, and China have also risen sharply.
A lopsided equation?
India exported $95 billion worth of goods to Brics countries in 2024, reflecting a slower growth rate of 11 per cent per year since 2020. These exports make up about 22 per cent of India’s total export basket. While exports to South Africa, the UAE, Saudi Arabia, and Brazil have grown at healthy rates, the overall trade balance remains skewed.
China alone accounted for a $94 billion trade deficit in 2024. Bilateral trade with China grew to $124 billion, but Indian exports to the country have fallen 6 per cent since 2020, while imports from China rose 17 per cent, driven largely by high-value electronics and industrial inputs, according to the Rubix report.
Impact Shorts
More ShortsRussia is another key concern. India’s trade deficit with Moscow ballooned to $59 billion, up eighteenfold since 2020, mainly due to rising oil imports following the Ukraine war.
Some bright spots
Among the more balanced relationships is Brazil, with which India has no trade deficit. India’s exports to Brazil, dominated by agrochemicals and petroleum products, have grown 16 per cent annually. Imports, largely sugar and agricultural products, grew at 13 per cent annually.
India is also a major refiner and exporter of petroleum products within the bloc. With over 250 million metric tonnes of refining capacity, India ranks seventh globally in refined product exports, which feature prominently in its trade with at least six Brics partners.
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