Petroleum, Gemstones, and Sugar Lead India's Export Boom Over Last Five Years

India has seen significant growth in its export competitiveness across several key sectors, including petroleum, gemstones, agrochemicals, and sugar, over the past five years, according to data from the Ministry of Commerce.

The report highlights India's expanding share in global trade between 2018 and 2023, with sectors such as electrical goods, pneumatic tyres, taps and valves, and semiconductor devices also registering impressive gains.

Petroleum Exports Surge

Petroleum exports saw a notable increase, reaching $84.96 billion in 2023. India's global market share in this sector has nearly doubled, rising from 6.45% in 2018 to 12.59% in 2023, making it the second-largest exporter globally, up from fifth place in 2018.

Gemstones Exports Skyrocket

In the precious and semi-precious stones category, India has solidified its position as the top global exporter. The country's share in worldwide shipments surged from 16.27% in 2018 to 36.53% in 2023, with exports growing from $0.26 billion to $1.52 billion over the five-year period.

Sugar Exports Quadruple

India has also seen remarkable growth in sugar exports, with shipments of cane and beet sugar more than quadrupling from $0.93 billion in 2018 to $3.72 billion in 2023. Its share of the global market has grown from 4.17% to 12.21%, making India the world’s second-largest exporter of sugar. This success is attributed to favorable agricultural policies and strong production, especially as global demand rises in regions like Southeast Asia and Africa.

Agrochemical Exports Grow

The export of agrochemicals, specifically insecticides and fungicides, also showed healthy gains, with India's share in the global market increasing from 8.52% in 2018 to 10.85% in 2023. Export values reached $4.32 billion in 2023. India's ability to meet international standards and its focus on innovation have helped it rise to third place globally, from fifth in 2018.

Other Notable Gains

India's exports of rubber pneumatic tyres also saw a jump, growing from $1.82 billion in 2018 to $2.66 billion in 2023. Its global market share rose from 2.34% to 3.31%, with the country now ranked eighth, up from 13th in 2018, driven by growing demand in emerging markets.

Additionally, exports of semiconductors and photosensitive devices surged from $0.16 billion in 2018 to $1.91 billion in 2023. India's share of the global market rose to 1.4%, with the country moving up to ninth place from 25th over the same period.

These positive trends reflect India's growing competitiveness in global trade, with the country making significant strides in several key industries.

Also Read: Adani Power Warns Bangladesh Of Supply Halt Over Rs 7,000 Cr Unpaid Dues