India and Brazil renewed a $30 billion trade ambition for 2030 as official figures showed commerce expanding in 2025 and continuing to grow during the first seven months of 2026.
Calendar-year trade came to $15.21 billion in 2025, up about 24.7% from $12.20 billion in 2024, the Embassy of India in Brasília reported. Brazil’s Ministry of Development, Industry, Commerce and Services put bilateral trade at $10.1 billion in the first seven months of 2026, a 32.9% increase over the same period in 2025. Brazilian exports to India reached $5.89 billion, 82.1% higher year over year, the ministry said.
Brazilian Ambassador to India Kenneth Felix Haczynski da Nobrega said bilateral trade could reach $20 billion soon at a New Delhi event Friday, ANI reported. ANI said he pointed to cooperation involving critical minerals, defense, energy, pharmaceuticals and artificial intelligence. He did not specify a deadline for that forecast, the report said.
India’s Ministry of Commerce and Industry said in August that both governments reaffirmed the $30 billion goal. Prime Minister Narendra Modi had said in February that the two countries sought to take trade above $20 billion over the next five years.
During Brazilian President Luiz Inácio Lula da Silva’s state visit to India in February, the countries signed 11 agreements and memorandums of understanding. The Embassy of India in Brasília lists a digital partnership and cooperation on rare earths and critical minerals among them. Modi also named artificial intelligence as an area for collaboration. India’s trade ministry highlighted pharmaceuticals, chemicals, engineering goods and machinery in its account of the 2030 goal.
The two governments also assessed progress on the terms of reference for the India–MERCOSUR preferential trade agreement and said they would complete that preparatory work promptly, the Ministry of Commerce and Industry said. Their August trade discussions covered market access and Brazil’s export diversification, according to the Brazilian ministry. India also identified access for its pharmaceutical products as an area for work. No completion date was announced for the terms of reference.
