New Delhi
India has emerged as a global powerhouse in various export sectors, with notable gains in petroleum, gemstones, and sugar over the past five years. According to the commerce ministry on Sunday, India’s export competitiveness has significantly improved, especially in these areas.
In 2023, India became the second-largest exporter of petroleum, with exports reaching $84.96 billion, a sharp increase from $44.31 billion in 2018. The country’s global market share rose to 12.59%, up from 6.45%, climbing from fifth to second place among petroleum exporters.
India’s position in the gemstone market has also strengthened, with its share of global exports rising to 36.53% in 2023, compared to 16.27% in 2018. Exports in this category grew to $1.52 billion, from just $0.26 billion five years ago, making India the top exporter.
In sugar, India has solidified its status as the second-largest exporter, with exports skyrocketing from $0.93 billion in 2018 to $3.72 billion in 2023. This increase is supported by favorable agricultural policies that meet rising demand in Southeast Asia and Africa.
Other sectors showing growth include insecticides and fungicides, electrical goods, and semiconductor devices, indicating India’s expanding role in the global market. With exports of semiconductors climbing to $1.91 billion, India now ranks ninth globally, up from 25th place in 2018. This progress positions India as a key player in international trade.
