The country developed a remarkable presence in the global market and more specifically broadened the geographical outreach within the last five years to the markets of oil, diamonds and sugar. The share of the country in the total global exports advanced from 8.52 % in 2018 to 10.85 % in 2023 with the increase of total exports expenditure to $4.32 billion as the Ministry of Commerce would put it.
Petroleum department has been remarkable with the exports rising from $47.72 billion worth of petroleum in 2018 to $84.96 billion worth of petroleum in 2023 carrying the growth. This has brought about a shift in India’s state of affairs in the global petroleum market as the country was able to boost its share of the global market in petroleum from 6.45% to 12.59% thereby making India the second largest exporting country in the Ostrich Region compared to fifth position that the country enjoyed five years ago. This increase has been mostly due to the favorable market conditions as well as enhanced refining capacity of the country, which overall has improved its competitive advantage within the context of the global energy market.
India has also made a huge challenge to other players targeting the gemstones market in the competition, as evidenced by the mushrooming of its own growth share from 16.27% in 2018 to 36.53% in 2023. Exports of Gemstones also grew from $0.26 billion to $1.52 billion during this time period thus, reiterating the importance of the country in the international gems and jewellery market.
The sugar industry also saw substantial expansion, with exports skyrocketing from $0.93 billion in 2018 to $3.72 billion in 2023, an increase that is almost four times. From 4.17% to 12.21%, India’s proportion of the world cane and beet sugar market has expanded, earning it the status of the second largest sugar exporting country in the world. This growth is attributed to strong domestic production and demand in areas such as Southeast Asia and Africa, which are also supported by conducive agricultural policies.
India has performed well in various other key export sectors including electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. Especially, semiconductor sales increased from 0.16 billion dollars in 2018 to 1.91 billion dollars in 2023, positioning India with a 1.4% share of the exports. This advancement indicate that India has dream foreign ambitions in the semiconductor supply chain.
India did not lag behind in exporting such agrochemicals products as insecticides, fungicides, etc., which achieved noteworthy 10.85% in 2023. The increase was due to the improvements in standards and innovations in the outbreak management products regulated by the Ministry of Commerce.
India’s growth in such diverse sectors further proves its growing aspiration as a global stronghold on exports able to satisfy demand in the world and compete in many sectors.
