According to data from the Ministry of Commerce, India’s exports over the last five years have seen good growth in several sectors – particularly petroleum, agrochemicals and sugar – as these sectors have increased their share in global trade. .
Other sectors where India’s export share has increased between 2018 and 2023 are electrical products, tyres, taps and valves and semiconductor equipment.
Ministry data showed oil exports will rise to $84.96 billion in 2023, with India’s market share rising to 12.59 percent last year from 6.45 percent in 2018, making making India the world’s second largest exporter. In the year 2018, India occupied the fifth position.
In the precious and semi-precious stones sector, the country’s share in global shipments has increased to 36.53 percent from 16.27 percent last year in 2018. This has propelled the country to the first position in this category , with exports reaching $1.52 billion in 2023 from $0.26 billion in 2018. It ranked second in 2018.
Similarly, in cane or beet sugar, outbound shipments from the country have more than quadrupled to $3.72 billion from $0.93 billion in 2018.
India has achieved tremendous growth in cane or beet sugar exports, with its share in the global market increasing from 4.17 percent in 2018 to 12.21 percent in 2023.
“India’s success as the world’s second largest sugar exporter can be attributed to favorable agricultural policies and its strong production base. “The country has taken advantage of growing global demand for sugar, especially in regions such as Southeast Asia and Africa,” an official said.
