The report suggests leveraging forums like Brics+ to advocate for fairer trade practices and improved market access
India’s trade with Brics countries has surged to nearly USD 400 billion in 2024, but a widening trade deficit with key partners such as China and Russia underscores persistent structural challenges, Rubix Data Sciences said in its report ahead of the Brics+ summit in Brazil.
The report highlights India’s deepening economic engagement with the expanded 11-member Brics bloc, which now includes Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates. Collectively, Brics nations account for about 49.5 per cent of the global population and approximately 40 per cent of global GDP.
India’s bilateral trade with Brics nations grew at a compound annual growth rate (CAGR) of around 20 per cent between 2020 and 2024, reaching USD 399 billion by end-2024. However, India’s goods trade deficit with Brics tripled over the same period, rising from USD 68 billion in 2020 to USD 209 billion in 2024.
Rising Dependence On Brics Imports
India’s imports from Brics countries reached USD 304 billion in 2024, growing at a 24 per cent CAGR since 2020. The share of Brics in India’s total imports jumped from 35 per cent to 43 per cent in the same period. Crude oil imports from Russia, which recorded an 81 per cent CAGR between 2020 and 2024, have been the key driver of this trend. Russia has retained its position as India’s top oil supplier for the third consecutive year in FY2025, with shipments averaging 1.76 million barrels per day and accounting for 35 per cent of India’s total oil imports.
Imports from other Brics countries also rose sharply during this period, with the UAE (26 per cent CAGR), Indonesia (19 per cent), and China (17 per cent) contributing significantly.
India’s exports to Brics countries stood at USD 95 billion in 2024, rising at an 11 per cent CAGR between 2020 and 2024. Brics accounted for around 22 per cent of India’s total exports during this period. South Africa (24 per cent CAGR), the UAE (20 per cent), Saudi Arabia (19 per cent), Russia (18 per cent), and Brazil (16 per cent) were key markets driving this growth.
Petroleum products emerged as a major component of India’s exports to six Brics nations, reflecting its strength as the seventh largest exporter of refined petroleum products globally.
China And Russia Dominate Trade Deficit
India’s trade imbalance with China and Russia remains a significant concern. The deficit with China widened 2.4 times from USD 39 billion in 2020 to USD 94 billion in 2024. Imports from China, particularly in the electrical and electronics segment, rose 17 per cent CAGR, while exports to China declined by 6 per cent.
The trade gap with Russia increased 18 times to USD 59 billion in 2024, primarily due to the surge in oil imports amid geopolitical tensions and elevated global energy prices.
In contrast, India’s trade with Brazil has remained balanced, with both exports and imports recording sustained double-digit growth. Agrochemicals and petroleum products accounted for nearly 30 per cent of India’s exports to Brazil in 2024, while sugar cane and raw sugar made up 25 per cent of imports from the South American nation.
The report recommends that India diversify its export portfolio to include more high-value goods and services, reduce dependence on energy imports by scaling up renewable production, and strengthen ties with balanced trade partners like Brazil and South Africa.
The report suggests leveraging forums like Brics+ to advocate for fairer trade practices and improved market access. “With strategic action and smart investments, India can turn its engagement with Brics+ into a powerful engine for sustainable growth and resilience,” the report concluded.
Originally formed by Brazil, Russia, India, China, and South Africa to provide a strategic counterbalance to Western influence in global affairs, Brics has since expanded its fold to include emerging economies such as the United Arab Emirates, Egypt, and Indonesia, signalling its evolving role in shaping a multipolar world order.
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