The BRICS trade boom has a $226 billion hole for India

Synopsis The dynamics of India’s trade with BRICS nations have transformed, with imports outpacing exports and causing the trade deficit to reach $226.1 billion in FY2026. BRICS countries now represent over 41% of India’s merchandise imports, although their export share has slightly diminished. With China, UAE, and Russia leading the surge, India must prioritize export growth to these countries to reverse the escalating trade imbalance. India’s trade with BRICS has more than doubled in five years, but imports have raced far ahead of exports, pushing the country’s trade deficit with the grouping to $226.1 billion in FY2026, more than three…