Over the past five years India has seen massive growth in exports specifically in sectors like petroleum, gemstone, agrochemicals and sugar. As per data from India’s commerce ministry, these sectors have increased significantly in the global market from 2018 to 2023.
In petroleum exports, India has shifted from the position of fifth-largest to the second-largest exporter globally. Petroleum exports have doubled, reaching $84.96 billion in 2023, and India’s market share increased from 6.45% in 2018 to 12.59% last year.
Gemstones: India Becomes Global Leader
Whereas, the precious and semi-precious stones sector has also seen major progress. India’s share in this market has grown from 16.27% in 2018 to 36.53% in 2023, making it the top global exporter. Exports of these stones rose sharply, from $0.26 billion in 2018 to $1.52 billion in 2023.
Sugar Exports Surge with Policy and Production Boost
Similarly, with the increase from $0.93 billion in 2018 to $3.72 billion in 2023 sugar exports have grown more than fourfold. Presently India holds a 12.21% share in the global market for cane and beet sugar with an increase of 4.17%, making it the second-largest exporter in the world. The growth in this market is all because of favorable farming policies and strong production, particularly as demand rises in Southeast Asia and Africa.
Growth in Agrochemicals: India Ranks Third Globally
Exports of insecticides and fungicides have also increased in India and have risen in global market share from 8.52% in 2018 to 10.85% in 2023. India ranks third from all over the world, up from fifth position in 2018 with a total export of $4.32 billion.The country’s advancements in agricultural standards and innovations in agrochemicals have contributed to this growth.
Rising Demand Drives India’s Tyre Exports
In the rubber pneumatic tyres segment, India’s exports rose from $1.82 billion in 2018 to $2.66 billion in 2023, and the country moved up to eighth place globally from 13th. This boost is partly due to the increased demand for Indian tyres in emerging markets.
Semiconductor Sector Shows Promising Growth
Lastly, the semiconductor and photosensitive device sector saw a massive increase in exports, from $0.16 billion in 2018 to $1.91 billion in 2023. India’s share in the global market reached 1.4%, moving it from 25th to ninth place, signaling potential for India to become a bigger player in the semiconductor supply chain.
Overall, India’s growth in these sectors highlights its expanding role in global trade and its potential for further growth.
