Datanomics: Laying strong foundation Bric(s) by Bric(s) for global ties

Today, Brics represents approximately 49.5 per cent of the global population and around 40 per cent of the world's GDP

The 2025 Brics Summit concluded on Monday in Rio de Janeiro, Brazil. The meeting took place against the backdrop of global trade tensions such as United States President Donald Trump’s tariff policies, highlighting Brics ambition to strengthen internal economic ties and offer an alternative vision for global cooperation. 

 

Brics now has 11 nations after six additional members -- Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates.

 

Currently, Brics represents approximately 49.5 per cent of the global population and around 40 per cent of the world’s gross domestic product (GDP). The intra-Brics trade was gradually growing during 2020-23 even as India witnessed a widening trade deficit. 

 

 

  The intra-Brics merchandise trade has steadily grown during the past four-five years.

 

   

India’s goods trade with the entire Brics bloc over the past five years grew, but with a widening imbalance. 

 

 

India’s trade with individual Brics partners in 2024 highlights this growing dependence in even starker terms. China remained India’s largest Brics trading partner, with imports worth $109 billion against just $15 billion exports. Overall, India’s imports from Brics nations grew at a robust 24 per cent compound annual growth rate (CAGR) between 2020 and 2024, while exports rose at an 11 per cent.