Iran has reported approximately US$60 billion in annual trade with the BRICS group, comprising Brazil, Russia, India, China, and South Africa, with newer members Egypt, Ethiopia, and the UAE. Deputy Head of Iran's Trade Promotion Organisation, Mohammad Sadegh Ghanadzadeh, stated this figure, carried by the state news agency IRNA, following the 18th BRICS Summit in New Delhi. The trade breakdown shows Iranian exports to BRICS countries at roughly US$23 billion and imports at around US$37 billion.
Ghanadzadeh emphasized Iran's desire to utilize its seat in BRICS to increase trade, focusing on international transport corridors, trade expansion, financial cooperation, and mechanisms for mutual settlement. He also highlighted the importance of transit routes, simpler trade procedures, customs coordination, and better payment channels. Despite sanctions and war-related disruptions, Iran has maintained exchanges with the bloc, according to Ghanadzadeh.
The reported trade figure represents a deficit for Iran, with the country buying approximately 60% more from BRICS nations than it sells to them. This implies a gap of around US$14 billion, making an expansion drive challenging. The focus will be on securing supply lines and finding paying buyers, in addition to opening new markets.
The reliability of the US$60 billion figure is difficult to verify independently, as Iran has not published GDP data since 2024. Partner-side customs data is not yet publicly available, making it harder to assess the accuracy of the claim. The addition of new members to BRICS, including Egypt, Ethiopia, Iran, and the UAE, may impact the trade dynamics.
The ongoing conflict between Iran and Western nations, including the US and Israel, has severely disrupted trade. The US and Israel began military operations against Iran in late February 2026, leading to attacks on regional energy infrastructure and an effective closure of the Strait of Hormuz. An initial ceasefire was reached on April 7-8, but the contest over shipping has continued.
The conflict has directly impacted Iran's trade, with CNBC reporting that over 90% of Iran's annual trade passes through the Strait of Hormuz. Chinese customs data showed Iran's non-oil trade with China down 75% year-on-year in March and June. The IMF projected a 6.1% contraction in Iran's economy in 2026, with inflation near 69%, and the rial has significantly depreciated.
The New Delhi Declaration, adopted unanimously by BRICS nations on September 12, urged maximum restraint in the Middle East and rejected unilateral sanctions. However, the declaration did not provide a clear solution for Iran's trade challenges, leaving mechanisms such as clearing, insurance, and sanctions-proof banking largely undecided.
Key points
- Iran reports US$60 billion in annual trade with BRICS nations.
- Ongoing conflict disrupts Iran's trade, with significant impact on economy.
- BRICS declaration urges restraint in Middle East but doesn't address Iran's trade challenges.
