India dominates petroleum, gemstone, sugar exports

Indias 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 dataThe other sectors where the share of Indias exports has increased during 2018 and 2023 are electrical goods pneumatic tyres taps and valves and semiconductor devicesThe ministry data analysis showed that petroleum exports rose to USD 8496 billion in 2023 with Indias market share surging to 1259 per cent last year from 645 per cent in 2018 positioning it as the secondlargest global exporter It was ranked fifth in 2018In the precious and semiprecious stones segment the countrys share in global shipments has soared to 3653 per cent last year from 1627 per cent in 2018 It has propelled the country to the top position in the category with exports reaching USD 152 billion in 2023 from USD 026 billion in 2018 It was at the second spot in 2018Similarly in cane or beet sugar the countrys outbound shipments have more than quadrupled to USD 372 billion from USD 093 billion in 2018India has achieved tremendous growth in the export of cane or beet sugar with its global market share increasing from 417 per cent in 2018 to 1221 per cent in 2023As the worlds secondlargest exporter of sugar Indias 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 saidIndias share of the global market for insecticides and fungicides has also shown healthy improvementThe country increased its global share from 852 per cent in 2018 to 1085 per cent in 2023 with exports reaching USD 432 billionIndias ability to meet international agricultural and environmental standards and its emphasis on innovation in agrochemicals have led to this improvement the official saidIndia is now the thirdlargest exporter globally against the 5th position in 2018 the data showedFurther the countrys position in the global market for rubber pneumatic tyres has also strengthened with exports growing to USD 266 billion in 2023 from USD 182 billion in 2018India now holds a 331 per cent share of the global market up from 234 per cent in 2018 and the country has moved up to the eighth position globally from 13th in 2018 indicating the rising demand for Indianmanufactured tyres particularly in emerging marketsThe data also showed that exports of semiconductors and photosensitive devices have increased from a mere USD 016 billion in 2018 to USD 191 billion in 2023 with the countrys share in the world market rising to 14 per cent and the country now ranks ninth globally compared to 25th in 2018This underscores Indias potential to become a key player in the global semiconductor supply chainThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever