According to commerce ministry data, India’s export landscape has shown robust gains in sectors including petroleum, gemstones, agrochemicals, and sugar over the past five years. Notably, petroleum exports hit US$84.96 billion in 2023, lifting India’s share in global trade from 6.45% in 2018 to 12.59%, placing it as the second-largest exporter globally, up from fifth place in 2018.
The nation has also taken the lead in exporting precious and semi-precious stones, with its market share growing from 16.27% in 2018 to 36.53% in 2023. This leap propelled India to the top position, with exports rising sharply to US$1.52 billion from US$0.26 billion in 2018.
In the sugar sector, India’s export volume more than quadrupled to US$3.72 billion from US$0.93 billion in 2018, securing its position as the second-largest global exporter. The nation’s share of the world market in this segment increased from 4.17% to 12.21% over the same period, driven by supportive agricultural policies and a strong production base, meeting rising demand in markets such as Southeast Asia and Africa.
The export of insecticides and fungicides has also marked significant progress. India’s share in the global market rose from 8.52% in 2018 to 10.85% in 2023, with exports valued at US$4.32 billion, advancing the country to third place globally from fifth in 2018. This achievement reflects India’s adherence to international standards and innovative agrochemical approaches.
India’s export performance has seen notable growth in the rubber pneumatic tyre segment, climbing to US$2.66 billion in 2023 from US$1.82 billion in 2018. This progress elevated India to the eighth global rank, up from the 13th, with a market share of 3.31%.
Semiconductors and photosensitive devices also witnessed a remarkable increase, with exports jumping from US$0.16 billion in 2018 to US$1.91 billion in 2023. India’s share in the global semiconductor market improved to 1.4%, moving the country up to ninth position from 25th in 2018, underscoring its emerging role in the global supply chain.
