India Ranks Among the Top 10 Global Exporters of High-Value Goods

New Delhi, Dec 3 (NationPress) India has seen a significant surge in exports across several vital product categories, with the nation either maintaining or enhancing its status among the world's top ten exporters, reflecting export values exceeding $1 billion in 2023, according to data published by the Commerce and Industry Ministry on Tuesday.

“From leading the international market in precious stones to making strides in advanced fields such as semiconductors and electrical components, India’s export performance demonstrates the nation's expanding economic influence,” the official statement noted.

The country’s strategic emphasis on electronics and semiconductors has produced remarkable outcomes.

Exports skyrocketed from $0.23 billion in 2014 to $1.91 billion in 2023, achieving a global market share of 1.40 percent and climbing to the 9th position, a significant rise from 20th in 2014, as indicated by the official figures.

“This advancement underscores India’s increasing significance in the global semiconductor supply chain, bolstered by initiatives to enhance local manufacturing and innovation,” the statement further elaborated.

In the domain of precious and semi-precious stones, India has solidified its position as the world leader, with its global share soaring from 2.64 percent in 2014 to an impressive 36.53 percent in 2023.

Exports valued at $1.52 billion showcase India’s long-standing craftsmanship combined with modern technology in gemstone processing.

Additionally, exports of parts for electric motors and generators have exhibited substantial growth, reaching $1.15 billion in 2023, capturing a global share of 4.86 percent, which elevated India to 6th place from 21st in 2014 globally.

This growth corresponds with the increasing global demand for renewable energy and electric vehicle components, positioning India as a crucial supplier in this evolving industry.

The petroleum sector (Petroleum Oils and Oils Obtained from Bituminous Minerals) has experienced a remarkable rise, with export values advancing from $60.84 billion in 2014 to $84.96 billion in 2023, resulting in a global market share of 12.59 percent.

This substantial leap has established India as the second-largest global exporter, fueled by advanced refining infrastructure.

The government's progressive initiatives, including the New Foreign Trade Policy and PLI Schemes, play a critical role in boosting India’s competitiveness on the international stage.

“As India diversifies its export portfolio and reinforces its global presence, it is well-positioned to realize its goal of becoming a major economic power by 2047,” the Commerce Ministry stated.

In the agrochemical sector, India has achieved remarkable success, particularly in insecticides, rodenticides, and fungicides.

By 2023, exports reached $4.32 billion, representing a global market share of 10.85 percent, an increase from 5.89 percent in 2014.

Investments in research and development, along with adherence to international agricultural standards, have positioned India as the third-largest exporter globally.

This growth highlights India’s crucial role in promoting sustainable agriculture.

India’s sugar exports have also seen outstanding growth, with the country's share in the global market for cane or beet sugar climbing from 4.31 percent in 2014 to 12.21 percent in 2023.

Export values reached $3.72 billion in 2023, reinforcing India’s status as the second-largest sugar exporter.

Robust production bases and favorable agricultural policies have enabled India to meet rising demand, particularly in Southeast Asia and Africa, strengthening its agricultural economy.

The electronics manufacturing sector has made significant strides, as evidenced by exports of electrical transformers and related components, which grew from $1.08 billion in 2014 to $2.85 billion in 2023.

India’s global market share rose to 2.11 percent in 2023, positioning it at 10th, up from 17th in 2014.

India has achieved remarkable growth in rubber pneumatic tyre exports, which reached $2.66 billion in 2023.

Its global market share increased to 3.31 percent, securing the 8th position, a significant improvement from 14th in 2014.

This growth illustrates India’s focus on quality, cost-effectiveness, and the capability to cater to diverse markets, especially in emerging economies.

Similarly, exports of taps, valves, and related industrial products attained $2.12 billion in 2023, achieving a 2.16 percent global market share and earning India the 10th position globally.

Furthermore, India’s exports of coal tar distillation products reached $1.71 billion in 2023, capturing a 5.48 percent global market share and securing 4th place globally, highlighting its significance in industrial value chains.