India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

India has made significant strides in export competitiveness across various sectors over the past five years, particularly in petroleum, gemstones, agrochemicals, and sugar. According to data from the commerce ministry, petroleum exports surged to US$ 84.96 billion in 2023, elevating India's global market share to 12.59%, up from 6.45% in 2018, making it the second-largest exporter in this category. In the gemstones sector, India's share of global shipments skyrocketed from 16.27% to 36.53%, with exports rising from US$ 0.26 billion to US$ 1.52 billion. The country has also seen remarkable growth in sugar exports, which quadrupled from US$ 0.93 billion in 2018 to US$ 3.72 billion in 2023, increasing its market share from 4.17% to 12.21%.

Additionally, India has strengthened its position in the global markets for agrochemicals, rubber pneumatic tyres, and semiconductors. The share of India's exports of insecticides and fungicides grew from 8.52% in 2018 to 10.85% in 2023, with exports reaching US$ 4.32 billion, positioning India as the third-largest global exporter in this sector. The country's rubber tyre exports rose from US$ 1.82 billion to US$ 2.66 billion, improving its market share from 2.34% to 3.31%. In the semiconductor sector, exports increased dramatically from US$ 0.16 billion to US$ 1.91 billion, with India's global ranking improving from 25th to 9th. These developments highlight India's potential to become a significant player in the global supply chain across multiple industries.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.