A $6 trillion strong bloc: BRICS now accounts for 24% of global exports, says Piyush Goyal

Merchandise exports from BRICS countries to the world rose from about $900 billion in 2003 to nearly $6 trillion in 2024, while the grouping’s share of global exports doubled to nearly 24%, Union Commerce and Industry Minister Piyush Goyal said on Friday.

Goyal made the remarks at the Leaders’ Session of the BRICS Business Forum in New Delhi, in the presence of Prime Minister Narendra Modi, Russian President Vladimir Putin and representatives of other BRICS member countries.

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“The growing relevance of BRICS is reflected in our trade performance. Merchandise exports from BRICS countries to the world increased from about 900 billion dollars in 2003 to nearly 6 trillion dollars in 2024, raising our share of global exports from about 12% to now nearly 24%,” Goyal said.

He said the expansion demonstrated the scale of the BRICS market and its potential to deepen trade among member countries.

“This remarkable expansion demonstrates the scale of the BRICS market and our potential to deepen trade further in the years ahead,” Goyal said.

The minister said the next task for the grouping was to convert its growing trade presence into stronger economic ties among its members.

“Our task is now to translate this momentum of growth into stronger inter-BRICS trade, more resilient supply chains and greater opportunities for our businesses,” Goyal said.

BRICS’ growing trade footprint

The figures cited by Goyal show the increase in the grouping’s presence in global merchandise trade over the past two decades, with its share of global exports rising from about 12% in 2003 to nearly 24% in 2024.

The expansion comes as BRICS has grown in economic weight and membership, bringing together major emerging-market economies and accounting for a larger share of global trade.

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Goyal’s remarks also pointed to the challenge of translating the bloc’s growing global trade share into deeper trade between its own members.

He said stronger inter-BRICS trade, more resilient supply chains and greater opportunities for businesses should be the focus as the grouping seeks to build on its export growth.

The comments came at the BRICS Business Forum, where business and government representatives from the grouping are meeting alongside the BRICS leaders’ summit, due to be held during the weekend in New Delhi.