Summary:

India's export competitiveness has dramatically increased over the last five years, particularly in petroleum, gemstones, agrochemicals, and sugar. Petroleum exports rose to US$ 84.96 billion in 2023, boosting India's global market share to 12.59% from 6.45% in 2018, making it the world's second-largest exporter. In gemstones, India's global cargo share increased from 16.27% to 36.53%, while sugar exports grew from US$ 0.93 billion to US$ 3.72 billion.

India has also strengthened its global market share in agrochemicals, rubber tyres, and semiconductors. Exports of pesticides and fungicides rose from 8.52% in 2018 to 10.85% in 2023, totaling US$ 4.32 billion, making India the third-largest exporter in this sector. Rubber tyre exports climbed from US$ 1.82 billion to US$ 2.66 billion, while semiconductor exports surged from US$ 0.16 billion to US$ 1.91 billion, improving India's global ranking from 25th to 9th.

Source: IBEF 

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