India's BRICS Trade Surplus Reversed to $226.1 Billion Deficit in FY2026
India's merchandise trade with BRICS doubled between 2021 and 2026, but imports now exceed exports by a record $226.1 billion.
Analysis prepared by the Global Trade Research Initiative shows India's total merchandise trade with the 11-member BRICS grouping more than doubled from FY2021 to FY2026. The combined value grew from $203.1 billion to $417.5 billion. Imports rose 131.8 percent to $321.8 billion, while exports increased only 48.8 percent to $95.7 billion. This reversal created a widening trade gap that reached $226.1 billion in FY2026, compared with $74.5 billion in FY2021. The grouping's share of India's imports climbed from 35.2 percent to 41.5 percent during this period. Conversely, the grouping's share of India's exports fell slightly from 22 percent to 21.7 percent. Ajay Srivastava of the Global Trade Research Initiative stated the grouping functions as a buyer for India rather than an exporter. Leaders in BRICS are currently debating local-currency trade and alternative payment systems. The data suggests shifting settlement currencies will not solve this structural imbalance.
