India-Brazil Trade Corridor — 2026
Bilateral trade architecture, top sectors, and key counterparty exposures.
India-Brazil bilateral trade has hovered in the $10-15B range, governed by the India-MERCOSUR Preferential Trade Agreement (PTA, in force since 2009) and the broader IBSA + BRICS multilateral frameworks. Brazil is India's largest Latin American trade partner, with strong complementarity: Brazil exports primary commodities (soybean, sugar, crude, iron ore), India exports manufactured goods (pharma, autos, polyester, IT services).
The PTA covers a limited set of tariff lines, leaving significant scope for upgrade negotiations. Auto components and pharmaceuticals are growth sectors. Indian companies (Tata Motors, Mahindra, Wipro, Infosys) have direct Brazilian operations.
Top sectors & sub-sectors
| Sector | Notes |
|---|---|
| Crude oil | Brazil is a significant crude supplier to India · Petrobras + Indian PSU offtakes. |
| Soybean + meal | Brazil top global soybean exporter · India poultry feed + edible oil. |
| Sugar | Bidirectional · India exports raw sugar; Brazil exports during shortfall years. |
| Pharmaceuticals | Indian generics + APIs to Brazil · ANVISA approvals. |
| Auto + auto parts | Tata, Mahindra Brazil ops · Bajaj 2-wheelers. |
| Polyester + textiles | Indian polyester filament yarn, fabrics. |
| Iron ore | Vale mines · BHP exposure · steel feedstock. |
| IT services | Wipro, TCS, Infosys Brazilian centres · BPO + tech consulting. |