New Delhi [India], November 4 (ANI): India has 1,782 identified export opportunity products across BRICS markets but accounts for only 8.4 per cent of the export share in the assessment, indicating significant untapped potential for Indian businesses to expand their presence within the grouping, according to a study by India Exim Bank and FICCI.

The study highlighted that India has the second-highest number of export opportunity products among BRICS members, after China. However, its relatively low export share highlights a gap between the country's export competitiveness and its presence in markets across the bloc.

'India on the other hand, presents a contrasting picture, where, despite having the second-highest number of identified products (1,782), it holds the lowest export share (8.4 per cent), suggesting considerable untapped potential relative to its competitiveness,' the report said.

The report identified pharmaceuticals, petroleum products, automobiles and components, and engineering goods as some of India's key export strengths in the Established-High-Potential category.

It said the opportunities for expanding trade among BRICS members were spread across several sectors, including manufacturing, technology, energy and industrial products.

The report also highlighted the broader trade potential of the 11-member grouping, which comprises Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the United Arab Emirates.

Collectively, BRICS economies generated a GDP of USD 31.6 trillion in 2024, accounting for 28.5 per cent of global output. Between 2015 and 2024, the grouping recorded a compound annual growth rate of 5.4 per cent.

In terms of trade, BRICS exports to the world stood at USD 7.2 trillion in 2024, while imports were estimated at USD 6.3 trillion.

However, merchandise exports among member countries accounted for 22.8 per cent of the bloc's total exports, indicating scope for deeper trade integration.

China remained the dominant economy in the grouping's export opportunity assessment, with 5,325 identified products and an export share of 48 per cent. Its opportunities in the Established-High-Potential and Emerging-High-Potential categories were valued at USD 333 billion.

The report said China's product opportunities were concentrated in electronics, telecommunications equipment, electric vehicles, lithium-ion batteries, solar modules and other renewable energy equipment.

It also identified opportunities for India and other BRICS economies in emerging products such as aerospace equipment, automotive components, specialised machinery, electrical equipment, medical products, chemicals and advanced engineering goods.

The study called for greater cooperation in manufacturing, technology development, research and innovation to help member countries build stronger cross-border supply chains.

It identified eight sectors with significant potential for cooperation, including critical minerals and energy storage, renewable energy equipment, green hydrogen, semiconductors and electronics, pharmaceuticals and medical devices, automobiles and electric vehicles, aerospace and advanced mobility, and smart manufacturing. (ANI)