India rises as global player in petroleum, gemstone, sugar exports with surging market share in 5 yrs

New Delhi: India's export competitiveness has witnessed healthy gains in multiple sectors -- particularly petroleum, gemstones, agrochemicals and sugar -- during the last five years, as these segments have increased their share in global trade, according to the commerce ministry data.

The other sectors where the share of India's exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices.

The ministry data analysis showed that petroleum exports rose to $84.96 billion in 2023, with India's market share surging to 12.59 per cent last year from 6.45 per cent in 2018, positioning it as the second-largest global exporter. It was ranked fifth in 2018.

In the precious and semi-precious stones segment, the country's share in global shipments has soared to 36.53 per cent last year from 16.27 per cent in 2018. It has propelled the country to the top position in the category, with exports reaching $1.52 billion in 2023 from $0.26 billion in 2018. It was at the second spot in 2018.

Similarly, in cane or beet sugar, the country's outbound shipments have more than quadrupled to $3.72 billion from $0.93 billion in 2018.

India has achieved tremendous growth in the export of cane or beet sugar, with its global market share increasing from 4.17 per cent in 2018 to 12.21 per cent in 2023.

"As the world's second-largest exporter of sugar, India's success can be attributed to both favourable agricultural policies and its strong production base. The country has capitalised on the growing global demand for sugar, especially in regions like Southeast Asia and Africa," an official said.

India's share of the global market for insecticides and fungicides has also shown healthy improvement.

The country increased its global share from 8.52 per cent in 2018 to 10.85 per cent in 2023, with exports reaching $4.32 billion.

India's ability to meet international agricultural and environmental standards and its emphasis on innovation in agrochemicals have led to this improvement, the official said.

India is now the third-largest exporter globally against the 5th position in 2018, the data showed.

Further, the country's position in the global market for rubber pneumatic tyres has also strengthened, with exports growing to $2.66 billion in 2023 from $1.82 billion in 2018.

India now holds a 3.31 per cent share of the global market, up from 2.34 per cent in 2018, and the country has moved up to the eighth position globally from 13th in 2018, indicating the rising demand for Indian-manufactured tyres, particularly in emerging markets.

The data also showed that exports of semiconductors and photosensitive devices have increased from a mere $0.16 billion in 2018 to $1.91 billion in 2023, with the country's share in the world market rising to 1.4 per cent, and the country now ranks ninth globally compared to 25th in 2018.

This underscores India's potential to become a key player in the global semiconductor supply chain.