India’s trade with BRICS countries has boomed in the last five years, with the bloc becoming a significant part of the country’s imports. However, this growing trade also reflects a larger problem: India is increasingly dependent on imports from this group, increasing its trade deficit.A report by Rubix Data Sciences said India’s bilateral trade with other 10 BRICS countries is set to reach $416 billion in CY2025, growing by about 10% every year between CY2021 and CY2025. But while trade has increased, India’s goods trade deficit with the bloc has almost doubled over the same period, from $117 billion to $224 billion.A major reason for this is the sharp increase in imports. India’s imports from BRICS countries stood at $320 billion in CY2025, growing at 12% CAGR over five years. This increased the share of BRICS in India’s total imports from 36% in CY2021 to 43% in CY2025.Within BRICS, Russia became one of India’s fastest growing import partners, with imports growing at a CAGR of 61%, mainly due to purchases of crude oil. The UAE and Brazil also remained major trade partners, each registering 12% CAGR growth.However, exports have not kept pace.India’s exports to BRICS countries to reach $96 billion in CY2025, growing at only 3% CAGR over the same period. The share of BRICS in India’s total exports was about 22%. In the bloc, exports to the United Arab Emirates grew fastest at 11%, followed by Russia at 8% and Egypt at 5%.This gap between imports and exports has increased India’s trade imbalance with several BRICS members.In CY2025, India recorded trade deficit with China, Russia, Saudi Arabia, UAE and Indonesia, while trade with Brazil and South Africa remained almost balanced.China remains the largest source of India’s trade imbalance, with the deficit exceeding $100 billion. Russia is in second place with a deficit of $55 billion.The report also revealed that the bloc as a group remains a major force 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 accounted for about 25% of global exports and 20% of global imports. The bloc’s total trade remained largely unchanged at $10.9 trillion, growing at just a 1% CAGR. BRICS now accounts for 49.5% of the global population, 40% of world GDP and 26% of global trade.
