India emerges as global player in petroleum, gemstone, sugar exports with surging market share in 5 years

India’s export competitiveness has seen significant growth across various sectors over the past five years, particularly in petroleum, gemstones, agrochemicals, and sugar, according to data from the commerce ministry.  

Other sectors that have also experienced an increase in the country’s export share between 2018 and 2023 include electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. 

As per the data, petroleum exports climbed to $84.96 billion in 2023 with India’s global market share rising to 12.59% from 6.45% in 2018, making it the second-largest exporter worldwide, up from fifth place in 2018. 

In the precious and semi-precious stones market, India’s share of global exports surged to 36.53% in 2023, a significant jump from 16.27% in 2018. Exports in this category reached $1.52 billion, increasing from $0.26 billion five years ago, propelling India to the top rank in this sector, after being second in 2018. 

Similarly, cane or beet sugar exports have more than quadrupled, rising to $3.72 billion from $0.93 billion in 2018, with India’s market share growing from 4.17% to 12.21% over the same period.  

India’s position as the second-largest sugar exporter is bolstered by favorable agricultural policies and a robust production base, effectively meeting rising global demand, particularly in Southeast Asia and Africa, an official said. 

India’s share in the global market for insecticides and fungicides has also improved, increasing from 8.52% in 2018 to 10.85% in 2023, with exports reaching $4.32 billion. The country’s commitment to meeting international agricultural and environmental standards and fostering innovation in agrochemicals has contributed to this progress, advancing India to the third-largest exporter in this sector from fifth place in 2018. 

Additionally, India’s position in the rubber pneumatic tyre market has strengthened, with exports rising from $1.82 billion in 2018 to $2.66 billion in 2023. India now commands a 3.31% share of the global market, up from 2.34%, moving from 13th to 8th place globally, reflecting increasing demand for Indian-manufactured tyres, especially in emerging markets. 

Moreover, exports of semiconductors and photosensitive devices surged from $0.16 billion in 2018 to $1.91 billion in 2023, with India’s market share climbing to 1.4%. The country now ranks ninth globally in this sector, a significant leap from 25th place in 2018, highlighting its potential to become a key player in the global semiconductor supply chain. 

(With inputs from PTI)