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India-Brazil Trade Overview
Brazil is India’s largest trade partner in the Latin American region, with bilateral trade of $12.54 billion in 2024. Indian exports to Brazil stood at $7.25 billion in comparison to imports worth $5.26 billion from Brazil. The trade balance was in India’s favour by $1.99 billion. Over the past ten years, the trade relations between India and Brazil have demonstrated a cyclical pattern of growth and contraction, strongly influenced by global factors, changes in commodity prices and economic crises (such as the COVID-19 pandemic and the 2015 economic crisis in Brazil).
Bilateral trade (2014-2025)
Year |
Indian Exports to Brazil |
Imports from Brazil |
Trade balance for India $ Billion |
Total Trade |
|||||
FOB $ Billion |
% Variation over the previous year |
Part % of Brazil´s Total Import |
FOB $ Billion |
% Variation Over the previous year |
Part % of Brazil´s Total Export |
$Billion |
% of variation over the previous year |
||
2014 |
$6.87 |
- |
3.0% |
4.79 |
- |
2.2% |
2.08 |
11.66 |
- |
2015 |
$4.48 |
-34.8% |
2.6% |
3.62 |
-24.4% |
1.9% |
0.86 |
8.1 |
-30.5% |
2016 |
$2.57 |
-42.6% |
1.8% |
3.16 |
-12.7% |
1.8% |
-0.59 |
5.73 |
-29.3% |
2017 |
$3.12 |
21.4% |
2.0% |
4.66 |
47.5% |
2.2% |
-1.54 |
7.78 |
35.8% |
2018 |
$4.03 |
29.2% |
2.2% |
3.91 |
-16.1% |
1.7% |
0.12 |
7.94 |
2.1% |
2019 |
$4.70 |
16.6% |
2.5% |
2.78 |
-28.9% |
1.3% |
1.92 |
7.48 |
-5.8% |
2020 |
$4.35 |
-7.4% |
2.8% |
2.88 |
3.6% |
1.4% |
1.47 |
7.23 |
-3.3% |
2021 |
$7.23 |
66.2% |
3.3% |
4.8 |
66.7% |
1.7% |
2.43 |
12.03 |
66.4% |
2022 |
$9.60 |
32.8% |
3.5% |
6.34 |
32.1% |
1.9% |
3.26 |
15.94 |
32.5% |
2023 |
$7.18 |
-25.2% |
3.0% |
4.69 |
-26.0% |
1.4% |
2.49 |
11.87 |
-25.5% |
2024 |
$7.25 |
1.0% |
2.8% |
5.26 |
12.2% |
1.6% |
1.99 |
12.51 |
5.4% |
2025 (Jan-Apr) |
$2.50 |
- |
2.8% |
2.01 |
- |
1.9% |
0.49 |
4.51 |
- |
Source: ComexStat, 2025
India’s export to Brazil was 0.88 % of India’s global exports in 2024 and 0.92 % in 2023. India’s import from Brazil was 0.75% of India’s global imports during 2024 and 0.55% in 2023. In contrast, Brazil's export to India was 1.6 % (in 2024) and 1.4 % (in 2023) of its global exports and Brazil's import from India was 2.8 % (in 2024) and 3.00 % (in 2023) of its global imports.
Top 10 Traded Items between India and Brazil
Top exports from India included petroleum oils, medicaments and pharmaceutical products, organo-inorganic compounds (heterocyclic compounds and nucleic acids), fungicides, insecticides, parts and accessories of motorcycles and other sulfonamides. Top imports from Brazil include cane sugars, crude oils (petroleum and soybean), cotton, and sesame seeds. waste and residues of copper, beans, iron or steel waste and scrap, asbestos and raw wood.
Top 10 exports from India
S. No. |
Commodity |
2023 ($ Millions) |
2024 ($ Millions) |
% Growth |
1 |
Other petroleum oils and oils obtained from bituminous minerals and preparations, other than waste |
$872.00 |
$464.00 |
-47% |
2 |
Other medicinal products containing mixed products, for therapeutic or prophylactic purposes, in doses, for retail sale |
$295.00 |
$277.00 |
-6% |
3 |
Other heterocyclic compounds with 1 (one) uncondensed pyrazole cycle |
$175.00 |
$266.00 |
52% |
4 |
Other organic thiocompounds |
$220.00 |
$220.00 |
0% |
5 |
Fungicides |
$121.00 |
$198.00 |
64% |
6 |
Insecticides |
$240.00 |
$190.00 |
-21% |
7 |
Other nucleic acids and their salts and other heterocyclic compounds |
$129.00 |
$166.00 |
29% |
8 |
Motorcycle parts and accessories (including mopeds) |
$65.29 |
$123.00 |
88% |
9 |
Other heterocyclic compounds 1(one) uncondensed pyridine cycle |
$117.00 |
$115.00 |
-2% |
10 |
Other sulfonamides |
$82.21 |
$98.00 |
19% |
Source: ComexStat, 2025
Top 10 imports from Brazil
S. No |
Commodity |
2023 ($ Millions) |
2024 ($ Millions) |
% Growth |
1 |
Other cane sugars |
$1,223.00 |
$1,615.00 |
32% |
2 |
Crude petroleum oils or oils from bituminous minerals |
$625.00 |
$1,214.00 |
94% |
3 |
Crude soybean oil, whether or not degummed |
$1,282.00 |
$732.00 |
-43% |
4 |
Cotton, not carded or combed |
$60.64 |
$184.00 |
203% |
5 |
Sesame seeds, whether or not crushed |
$84.28 |
$134.00 |
59% |
6 |
Waste and residues, of copper |
$6.60 |
$82.45 |
1149% |
7 |
Beans of the species Vigna mungo (l.) Hepper or Vigna radiata (l.) Wilczek, dried, shelled, whether or not skinned or split |
$4.19 |
$75.38 |
1699% |
8 |
Other iron or steel waste and scrap |
$86.98 |
$71.86 |
-17% |
9 |
Other forms of asbestos |
$81.13 |
$68.18 |
-16% |
10 |
Raw wood, peeled or not, peeled or squared, teak |
$42.42 |
$59.08 |
39% |
Source: ComexStat, 2025
Trends in India’s exports to Brazil (2014-2025):
In 2014, India’s exports to Brazil stood at $ 6.87 billion, its record so far at the time, but witnessed a substantial decrease in 2015 (34.8%) and 2016 (42.6%). The decline in exports was due to the recession in the Brazilian economy during 2015-16, when the economy contracted by around 7%. Decline in India’s exports was in line with the overall decline in Brazilian imports from the world (from $ 230 billion in 2014 to $139 billion in 2016). Earlier, diesel imports from India used to form the bulk of the export basket (40-50%). However, diesel imports have shown a continuous slump since 2014.
India’s exports to Brazil have since registered an impressive growth of 66% in the last four years (2020 to 2024). The exports rose from $4.35 billion in 2020 to $7.25 billion in 2024, even though overall Brazil’s imports from the world increased 65% during this period. With the recent exchange of visits at the highest level, things are looking positive for bilateral trade, with total trade of $15.94 billion in 2022, the record so far.
For 2025, if the monthly average of bilateral trade between the two countries remains around US$1.1 billion, it’s reasonable to expect total trade to reach between US$11 and 12 billion by year-end, consistent with the levels seen in 2023 and 2024.
Focusing on Indian exports to Brazil, India exported US$2.5 billion by April, representing about 34% of the total exports in 2024. If this pace continues, Indian exports could surpass US$7 billion by the end of 2025, mirroring the performance of previous years. This trend suggests that Indian products continue to be well-received in the Brazilian market, especially in sectors such as pharmaceuticals, agrochemicals, and fuels. On the other hand, Indian imports from Brazil reached US$2.01 billion in the first four months of the year, accounting for roughly 38% of total imports in 2024. This could point to a slight slowdown in the import pace compared to recent years. As a result, India maintained a trade surplus of US$0.49 billion through April. This surplus is expected to continue throughout the year, although possibly with narrower margins than in 2023 and 2024.
In conclusion, the partial figures suggest a scenario of continued strength in the trade relationship between India and Brazil. India remains on a positive trajectory, with opportunities to further expand its presence in the Brazilian market and solidify its position as a strategic partner in Latin America.
Last Updated July 2025
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