India Achieves Record Export Gains in Petroleum, Gemstone, Agrochemical, and Sugar: Commerce Ministry Data

ENA Sectors 2024-11-04 13:53:04 New Delhi, Nov 4 (KNN) India's export competitiveness has seen remarkable growth over the past five years, particularly in sectors such as petroleum, gemstones, agrochemicals, and sugar, according to recent data from the Ministry of Commerce. This surge in export performance reflects a substantial increase in India's share of global trade across these industries. Notably, petroleum exports have soared to USD 84.96 billion in 2023, catapulting India to the position of the world's second-largest exporter, with a market share rising to 12.59 per cent from just 6.45 per cent in 2018. This dramatic shift underscores India's growing influence in the global energy market, up from fifth place just five years ago. In the gemstones sector, India's market share has experienced explosive growth, leaping to 36.53 per cent last year from 16.27 per cent in 2018. Exports in this category have increased from USD 0.26 billion to an impressive USD 1.52 billion, securing India's status as the leading exporter globally. The sugar industry also showcases India's impressive export trajectory, with shipments of cane or beet sugar more than quadrupling to USD 3.72 billion from USD 0.93 billion over the same period. India's global market share in sugar has increased from 4.17 per cent to 12.21 per cent, establishing it as the second-largest exporter in this category. This success is attributed to favourable agricultural policies and a robust production base that have met rising global demand, especially in Southeast Asia and Africa. In addition to these sectors, India has strengthened its position in exports of electrical goods, pneumatic tyres, and semiconductor devices. Exports of semiconductors surged from a mere USD 0.16 billion in 2018 to USD 1.91 billion in 2023, pushing India's global market share to 1.4 per cent and elevating its rank to ninth. Overall, India's diversified and competitive export landscape demonstrates the country's potential to play a pivotal role in global trade, driven by innovation, quality, and increasing demand for Indian products across various markets. (KNN Bureau) 39792 https://knnindia.co.in/news/newsdetails/sectors/india-achieves-record-export-gains-in-petroleum-gemstone-agrochemical-and-sugar-commerce-ministry-data 2024-11-04 13:53:04 knnindia.co.in India Achieves Record Export Gains in Petroleum, Gemstone, Agrochemical, and Sugar: Commerce Ministry Data