New Delhi [India], August 27 : Commerce Secretary Rajesh Agrawal's two-day visit to Brazil is expected to give fresh impetus to bilateral trade, investment and economic cooperation, as both countries work towards doubling goods trade to USD 30 billion by 2030, according to Rubix Data Sciences.
Agrawal's August 27-28 Brazil visit is part of a broader Latin American engagement covering Brazil, Argentina and Chile. The report said the visit carries significant commercial importance amid the deepening economic relationship between India and Brazil.
The visit follows Brazilian President Luiz Inacio Lula da Silva's state visit to India in February 2026, during which 10 agreements were exchanged covering areas including critical minerals, digital cooperation, traditional knowledge, healthcare, MSME development, entrepreneurship and mass communication.
India and Brazil have set a target of increasing bilateral goods trade from around USD 15 billion currently to USD 30 billion by 2030. The target was set during Lula's February visit to India.
Bilateral goods trade had recovered 23.5 per cent year-on-year to USD 15.1 billion in FY2026, after remaining at USD 12.2 billion in both FY2024 and FY2025. Trade had reached a peak of USD 16.6 billion in FY2023.
However, the recovery has been driven mainly by imports from Brazil. India's imports rose 48.1 per cent to USD 8.1 billion in FY2026, while exports increased 3.7 per cent to USD 7 billion.
The trade balance consequently shifted from a USD 3.2 billion surplus in FY2023 to a USD 1 billion deficit in FY2026. The report said this highlights the need to accelerate India's export growth to support the USD 30 billion bilateral trade ambition.
The Rubix Data Sciences report also pointed to opportunities for India to diversify its exports to Brazil. The combined share of insecticides and pesticides and refined petroleum products fell from 39 per cent in FY2022 to 24 per cent in FY2026, while pharmaceuticals rose from 5 per cent to 8 per cent and auto components from 4 per cent to 6 per cent.
It identified pharmaceuticals, agrochemicals, auto components and speciality chemicals as areas where Indian businesses could expand market presence, localisation and manufacturing partnerships.
On the other hand, Brazil has become an important source of commodities for India. The share of cane and beet sugar in India's imports from Brazil rose from 3 per cent in FY2022 to 15 per cent in FY2026, while iron ore and raw cotton also gained share.
Going ahead, the report sees scope for the relationship to move beyond traditional commodity trade towards deeper value-chain integration, particularly in energy, critical minerals, biofuels, pharmaceuticals and manufacturing.