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India among world's top 10 exporters of high-value products
Industry News- Dec 05,24
The country continues to lead the world in exporting precious and semi-precious stones, with its global market share soaring from 2.64% in 2014 to 36.53% in 2023.
India has achieved significant growth in its exports across key product categories, solidifying or improving its position among the top ten global suppliers in 2023, according to data released by the Commerce and Industry Ministry on Tuesday. Exports in several categories surpassed $1 billion, reflecting the country's growing economic influence.
India's export of semiconductors and electrical components surged from $0.23 billion in 2014 to $1.91 billion in 2023, capturing a 1.40% global market share and rising to 9th position globally from 20th in 2014. This underscores India's expanding role in the global semiconductor supply chain, driven by initiatives to boost domestic manufacturing and innovation.
The country continues to lead the world in exporting precious and semi-precious stones, with its global market share soaring from 2.64% in 2014 to 36.53% in 2023. Exports in this category were valued at $1.52 billion, highlighting India's expertise in blending traditional craftsmanship with modern gemstone processing technologies.
Exports of parts for electric motors and generators reached $1.15 billion in 2023, capturing a 4.86% global share and elevating India to the 6th position globally, up from 21st in 2014. This growth aligns with increasing demand for renewable energy and electric vehicle components worldwide.
India’s petroleum exports climbed from $60.84 billion in 2014 to $84.96 billion in 2023, giving the country a 12.59% global market share and making it the second-largest exporter globally. Advanced refining capabilities have played a key role in this achievement.
The agrochemical sector has also seen remarkable progress. Exports of insecticides, rodenticides, and fungicides reached $4.32 billion in 2023, doubling India’s global market share to 10.85% from 5.89% in 2014. India is now the third-largest exporter in this segment, thanks to investments in research and compliance with international standards.
Sugar exports experienced exponential growth, with the global market share rising from 4.31% in 2014 to 12.21% in 2023. Export values reached $3.72 billion, positioning India as the second-largest exporter of cane or beet sugar.
India’s electronics manufacturing sector showed significant advancements, with exports of electrical transformers and related components growing from $1.08 billion in 2014 to $2.85 billion in 2023, securing the 10th position globally.
Exports of rubber pneumatic tyres reached $2.66 billion in 2023, reflecting a 3.31% global market share and an 8th place ranking, up from 14th in 2014. Similarly, industrial products like taps and valves reached $2.12 billion, while coal tar distillation products recorded exports worth $1.71 billion, earning a 4th place global ranking with a 5.48% market share.
The Commerce Ministry attributed this growth to government initiatives like the New Foreign Trade Policy and Production-Linked Incentive (PLI) schemes, which have enhanced India's competitiveness. As India diversifies its export portfolio and strengthens its global position, it is poised to achieve its vision of becoming a global economic powerhouse by 2047.
(ET)
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