Bilateral trade between India and China set a new record of $155 billion in 2025, a milestone that no government forecast had publicly anticipated. The figure highlights India’s role as China’s top import origin, with imports surging 43.1% year-on-year in early 2026, driving BRICS trade growth.
Foreign Minister Wang Yi confirmed the bilateral trade milestone at a press conference on March 8, 2026, stating both sides were “heartened to see reenergized interactions at all levels, a new record in bilateral trade.” He urged both governments to “support each other’s BRICS presidency over the next two years, so as to make BRICS cooperation more substantive and bring new hope to the Global South.” Reports suggest India’s finance ministry plans to lift five-year-old restrictions on Chinese companies bidding for government contracts, signaling Delhi is ready to shift the relationship toward more practical economic ground. This follows meetings between Xi Jinping and Narendra Modi in Kazan and Tianjin which reopened channels that border tensions had largely shut down.
The $155 billion BRICS trade record in 2025 caps a year of quiet economic convergence between two neighbors who spent most of the previous four years locked in diplomatic friction. India-China trade data shows China cementing its place as India’s top merchandise trade partner and largest export market, a shift accelerated as Indian exporters rerouted away from U.S. markets, where Washington’s tariff posture has made access increasingly unpredictable.
China’s total imports grew 19.8% year-on-year in January and February 2026, roughly three times the market consensus of around 7%. India led all import origins with a surge of 43.1%, ahead of South Korea at 35.8%, Australia at 33.8%, and Latin America at 28.9%. U.S. imports dropped 26.7% over the same period. On China’s side, boosting imports has been a stated policy goal, something Beijing flagged at high-level meetings as it aims to rebalance its trade relationships.
The BRICS imports trajectory from India — at 43% and still accelerating — puts both countries on course to surpass the $155 billion mark well before 2026 ends. India’s 2026 BRICS chairship gives both sides additional reason to stay on track. With India hosting the BRICS summit this year and both governments pushing for concrete cooperation outcomes, the numbers look set to keep moving in the same direction.
