representative image
India’s Global Export Surge: Petroleum, Gems, and Sugar Lead the Way
India has made substantial strides in export markets over the past five years, with significant gains in sectors including petroleum, gemstones, sugar, agrochemicals, and more, according to data released by the Ministry of Commerce.
The analysis reveals that India’s export market share has grown notably across these industries, reflecting the country’s enhanced global competitiveness.
Petroleum and Gemstones Lead Export Growth
In petroleum exports, India’s global market share surged from 6.45% in 2018 to 12.59% in 2023, propelling it from the fifth to the second-largest exporter worldwide. Petroleum exports reached an impressive USD 84.96 billion in 2023, a testament to India’s strengthened position in energy exports.
Similarly, India has ascended to the top rank in the global market for precious and semi-precious stones. The country’s market share jumped from 16.27% in 2018 to 36.53% last year, with exports climbing to USD 1.52 billion in 2023 from USD 0.26 billion in 2018. This rise in rank from second to first place highlights India’s growing dominance in the gemstone market.
Sugar, Agrochemicals, and Tyres Showcase India’s Export Potential
India’s sugar exports have also experienced remarkable growth. Supported by favorable agricultural policies, India’s global market share in sugar increased from 4.17% in 2018 to 12.21% in 2023, with exports valued at USD 3.72 billion. An official noted that this growth has been particularly fueled by demand from Southeast Asia and Africa, solidifying India’s rank as the world’s second-largest sugar exporter.
The country has also moved up in the global agrochemicals market. India’s share in insecticides and fungicides exports grew from 8.52% to 10.85% between 2018 and 2023, with exports hitting USD 4.32 billion. This growth can be attributed to India’s commitment to meeting international standards and focusing on innovation within the agrochemicals sector.
India’s presence in the rubber pneumatic tyre market has also strengthened, with exports reaching USD 2.66 billion in 2023. The nation now holds a global market share of 3.31%, up from 2.34% in 2018, moving up to eighth position globally. This growth reflects rising demand for Indian-manufactured tyres, especially in emerging markets.
Semiconductor Exports Show Promising Growth
India’s semiconductor exports, including photosensitive devices, saw a significant increase, rising from USD 0.16 billion in 2018 to USD 1.91 billion in 2023. India’s share in the global semiconductor market now stands at 1.4%, with the nation ranking ninth globally, up from 25th in 2018. This growth underscores India’s increasing role in the tech supply chain, a sector with high global demand.
These achievements across diverse sectors emphasize India’s expanding role in the global economy and its ongoing efforts to capitalize on new market opportunities. With continued focus on innovation and quality, India’s export landscape is poised for further growth.
