New Delhi, Sep 11 (APAC Media): India’s trade engagement with the expanded 11-member BRICS grouping is undergoing a structural shift, offering an opportunity to raise the country’s exports to the bloc to USD 200 billion by 2030, according to an ASSOCHAM report.
India’s total bilateral trade with BRICS countries rose to USD 417 billion in FY2026, but the growth in trade has also come with a sharp increase in the goods trade deficit. The deficit widened to USD 226 billion in FY2026 from USD 75 billion in FY2021, reflecting a significant rise in the gap between India’s merchandise exports and imports with BRICS nations.
The expanded grouping comprises Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE.
BRICS countries now account for 42 per cent of India’s total imports, up from 35 per cent five years ago, highlighting the growing importance of the bloc in India’s external trade, the analysis said.
Despite the widening trade gap, the bloc offers considerable scope for expanding Indian exports.
“Digital public infrastructure, artificial intelligence, fintech and advanced manufacturing present major opportunities for BRICS. At the same time, we must address questions of access, standards, security and trust,” said External Affairs Minister S. Jaishankar.
Global import demand across BRICS countries for India’s top 25 export product lines is estimated at around USD 700 billion. These products include refined petroleum, telecommunications equipment, pharmaceuticals, frozen bovine meat, automotive parts and articles of jewellery.
India’s exports to the bloc currently stand at USD 95.8 billion. Capturing around 4 per cent of BRICS’ global import demand in these key product categories could enable India to reach the USD 200 billion export target by 2030, according to the analysis
Commerce and Industry Minister Piyush Goyal stressed the need for deeper market access and more resilient supply chains among BRICS members.
“Trade amongst partners should be deep and resilient, with diversified supply chains, and ensuring that at no point in time trade becomes an impediment to growth and the well-being of the people of each member state,” Goyal said.
“We should open our markets for each other’s products, including for raw materials and critical minerals,” he added.
Goyal also called for greater integration of digital payment systems and wider use of local currencies to facilitate trade within the grouping.
“Today, [UPI] is accepted in 11 countries, and I would urge the BRICS member countries and partner countries to link our payment systems, trade in each other’s local currencies, make digital trade global, and build together for the future emerging technologies,” he said.
The expanded BRICS grouping represents around 40 per cent of global GDP, 26 per cent of world trade and nearly half of the world’s population, underscoring its growing economic significance.
The bloc has also emerged as a major destination for global investment. Annual foreign direct investment inflows into BRICS countries have risen to USD 346 billion, accounting for around 22.9 per cent of global investment flows, according to the analysis.
Institutional mechanisms such as the New Development Bank (NDB) are also supporting the bloc’s infrastructure and clean-energy ambitions. The bank has approved more than USD 35 billion in funding for infrastructure and clean-energy projects.
The growing economic weight of BRICS, coupled with its expanding investment and development-finance architecture, could provide a platform for greater trade integration, supply-chain diversification and industrial cooperation among member states.
For India, the challenge will be to convert the bloc’s large import demand into greater market access for domestic manufacturers and exporters while addressing the persistent trade deficit, the analysis suggested.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
Also Read:
