According to data from the commerce ministry, India’s export competitiveness has seen strong advances over the past five years in a number of sectors, most notably sugar, agrochemicals, gemstones, and petroleum, as these industries have grown their share of global trade.
Other industries where India’s exports have grown in 2018 and 2023 include semiconductor devices, electrical items, taps and valves, and pneumatic tires.
According to the ministry’s data analysis, petroleum exports reached $84.96 billion in 2023, and India became the world’s second-largest exporter with a market share that increased from 6.45 percent in 2018 to 12.59 percent last year. In 2018, it came in fifth.
The nation’s proportion of international shipments in the precious and semi-precious stone market increased from 16.27 percent in 2018 to 36.53% last year. Exports increased from $0.26 billion in 2018 to $1.52 billion in 2023, propelling the nation to the top of the category. In 2018, it came in at number two.
Likewise, the nation’s exports of cane or beet sugar have more than doubled to $3.72 billion from $0.93 billion in 2018.
With its global market share rising from 4.17 percent in 2018 to 12.21 percent in 2023, India has experienced remarkable growth in its exports of cane or beet sugar. India’s market share in the world market for fungicides and insecticides has also steadily increased.
With exports of $4.32 billion, the nation’s global share grew from 8.52% in 2018 to 10.85% in 2023. This progress, according to the official, is the result of India’s emphasis on agrochemical innovation and its capacity to meet international agricultural and environmental norms.
According to the data, India is currently the world’s third-largest exporter, up from fifth place in 2018.
Additionally, exports of rubber pneumatic tires increased from $1.82 billion in 2018 to USD 2.66 billion in 2023, solidifying the nation’s position in the worldwide market.
India’s market share has increased from 2.34 percent to 3.31 percent, and the country has risen from 13th to eighth place globally, demonstrating the growing demand for tires made in India, especially in emerging markets.
