Mumbai, Feb 24: India and Brazil have set their sights on more than doubling bilateral trade to USD 30 billion by 2030, with Brazilian President Luiz Inácio Lula da Silva’s latest visit catalysing new momentum across energy, pharmaceuticals, and critical minerals, according to an analysis by Rubix Data Sciences.
Brazil is India’s largest trading partner in Latin America, with total goods trade reaching a peak of USD 16.6 billion in FY2023. While trade has since moderated to USD 12.2 billion in FY2025 and USD 10.8 billion in FY2026 (April–December 2025), the latest agreements signal a shift toward scaling trade through strategic sectors and long-term supply chain integration.
Energy cooperation remains central to the partnership. Brazil’s Petrobras has renewed crude oil supply contracts with Indian refiners IOC, BPCL and HPCL until March 2027, covering potential shipments of up to 60 million barrels valued at over USD 3.1 billion. This comes as India continues to diversify its crude sourcing amid global geopolitical shifts.
Corporate and investment linkages are also expanding rapidly. India hosted 77 Brazilian trade missions between July 2023 and August 2024, more than double earlier levels, spanning aerospace, defence, healthcare, and manufacturing. Embraer has established an India office and is exploring local production, while Tramontina is investing INR 800 million in a manufacturing facility in Karnataka to serve domestic and export markets.
Trade data highlights growing diversification. India’s exports to Brazil rose sharply from USD 6.5 billion in FY2022 to USD 9.9 billion in FY2023 and stood at USD 5.4 billion in FY2026 (April–December 2025). Pharmaceuticals are emerging as a key opportunity, with their share increasing from 5% to 6% of exports, supported by new regulatory cooperation between India’s CDSCO and Brazil’s ANVISA to facilitate faster approvals and expand access for Indian generic drugmakers in Brazil’s large healthcare market.
On the import front, the composition of India’s imports from Brazil has shifted notably. Cane and beet sugar increased from 3% of India’s import basket from Brazil in FY2022 to 25% in FY2025 amid domestic shortages. In contrast, crude oil’s share within India’s imports from Brazil declined from 39% to 24%, reflecting India’s broader strategy of diversifying its global energy sourcing. At the same time, rising imports of ferrous scrap and raw cotton point to strengthening manufacturing linkages between the two economies.
Rubix Data Sciences noted that the renewed India–Brazil engagement comes amid India’s active expansion in global trade footprint through a series of recent trade agreements and negotiations. In this context, deeper ties with Brazil, a major energy producer and the world’s leading agricultural exporter, are expected to play an important role in strengthening India’s supply chain resilience, securing critical resources, and expanding its presence in Latin America.