During the past five years, India’s export has witnessed healthy gains in multiple sectors particularly petroleum, gemstones, agrochemicals and sugar, the Commerce ministry data said.
The ministry data analysis showed that petroleum exports rose to USD 84.96 billion in 2023, with India’s market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018.
In the precious and semi-precious stones segment, India’s share soared to 36.53 per cent last year from 16.27 per cent in 2018. It propelled the country to the top position in the category, with exports reaching USD 1.52 billion in 2023 from USD 0.26 billion in 2018. It was at the second spot in 2018.
In cane or beet sugar, India’s outbound shipments have more than quadrupled to USD 3.72 billion from USD 0.93 billion in 2018.
The other sectors where the share of India’s exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices.
India’s share of the global market for insecticides and fungicides has also shown healthy improvement. It increased its global share from 8.52 per cent in 2018 to 10.85 per cent in 2023, with exports reaching USD 4.32 billion.
As per the ministry data, India is now the third-largest exporter globally against the 5th position in 2018.
It also said that India’s position in the global market for rubber pneumatic tyres strengthened, with exports growing to USD 2.66 billion in 2023 from USD 1.82 billion in 2018.
Exports of semiconductors and photosensitive devices have increased from a mere USD 0.16 billion in 2018 to USD 1.91 billion in 2023, with the country’s share in the world market rising to 1.4 per cent, and the country now ranks ninth globally compared to 25th in 2018.