November 5, 2024
Petroleum exports rose to US$84.96 billion in 2023, making India the second-largest global exporter, with a market share of 12.59%, up from 6.45% in 2018
The country secured the top spot in the global gemstone market, with its share rising to 36.53% in 2023, bolstered by US$1.52 billion in exports
India’s sugar exports quadrupled from US$0.93 billion in 2018 to US$3.72 billion in 2023, elevating its market share to 12.21% and establishing it as the world's second-largest exporter
Semiconductor and photosensitive device exports surged to US$1.91 billion in 2023, propelling India's rank from 25th to 9th globally
According to recent data from the Commerce Ministry, India’s export competitiveness has witnessed notable advancements over the last five years, particularly in petroleum, precious stones, agrochemicals, and sugar. This growth has been marked by a surge in the country’s share in global trade across these sectors, alongside other segments like electrical goods, tyres, and semiconductor devices.
Petroleum exports saw a significant increase, reaching US$84.96 billion in 2023. This positioned India as the second-largest exporter globally, a leap from its fifth rank in 2018, with market share swelling from 6.45% to 12.59%. India has claimed the top spot in the precious and semi-precious stones category by expanding its share from 16.27% to 36.53% between 2018 and 2023, driven by an export value boost from US$0.26 billion to US$1.52 billion.
India’s sugar exports also surged, with outbound shipments rising more than fourfold to US$3.72 billion in 2023, up from US$0.93 billion in 2018. This growth lifted India’s global market share to 12.21%, reinforcing its status as the second-largest sugar exporter. According to officials, this success is credited to favourable agricultural policies and robust production capabilities, which have allowed India to meet increasing global demand, particularly in Southeast Asia and Africa.
In the agrochemicals sector, India’s share of the global market for insecticides and fungicides improved from 8.52% to 10.85%, with exports reaching US$4.32 billion by 2023. The country now ranks third globally, climbing from fifth place in 2018. Officials attribute this to India’s adherence to international standards and a focus on innovation within the agrochemical industry.
The global market for rubber pneumatic tyres has also seen India’s exports climb from US$1.82 billion in 2018 to US$2.66 billion in 2023, pushing the country’s market share from 2.34% to 3.31%. This advancement has moved India’s position from 13th to 8th globally, highlighting the growing demand for Indian-made tyres, especially in emerging markets.
The semiconductor sector reflected similar growth, with exports rising from US$0.16 billion in 2018 to US$1.91 billion in 2023. India’s share in the global semiconductor market expanded to 1.4%, elevating the country’s rank from 25th to 9th. This growth underscores India’s increasing potential in the global semiconductor supply chain.
Source: Economic Times