Indian export competitiveness has seen healthy gains in many sectors, including oil, gems, agrochemicals and sugar, over the past five years, as these segments have increased their share in global trade, according to the data from the Ministry of Commerce.

Other sectors where the share of Indian exports increased in 2018 and 2023 are electrical products, tires, faucets and valves and semiconductor devices.

Analysis of the ministry’s data showed that oil exports reached $84.96 billion in 2023, with India’s market share jumping to 12.59 percent last year from 6.45 percent. cent in 2018, positioning it as the second largest exporter in the world. He was ranked fifth in 2018.

In the precious and semi-precious stones segment, the country’s share in global shipments climbed to 36.53 percent last year, up from 16.27 percent in 2018. This propelled the country to the top spot of the category, with exports reaching $1.52 billion. in 2023, compared to USD 0.26 billion in 2018.

He was in second place in 2018.

Likewise, for cane or beet sugar, the country’s exports more than quadrupled, from $0.93 billion in 2018 to $3.72 billion.

India has seen considerable growth in its exports of cane or beet sugar, with its global market share increasing from 4.17 percent in 2018 to 12.21 percent in 2023.

“As the world’s second largest sugar exporter, India’s success can be attributed to both favorable agricultural policies and its strong production base.

The country has capitalized on the growing global demand for sugar, especially in regions like Southeast Asia and Africa,” an official said.

India’s share in the global insecticides and fungicides market has also seen a healthy improvement.

The country increased its global share from 8.52 percent in 2018 to 10.85 percent in 2023, with exports reaching $4.32 billion.

India’s ability to meet international agricultural and environmental standards and emphasis on innovation in agrochemicals have led to this improvement, the official said.

India is now the world’s third largest exporter compared to the fifth position in 2018, the data showed.

Furthermore, the country’s position in the global rubber tire market has also strengthened, with exports reaching $2.66 billion in 2023, up from $1.82 billion in 2018.

India now has a 3.31% share of the global market, up from 2.34% in 2018, and the country moved from 13th place globally to eighth place in 2018, indicating the growing demand of tires manufactured in India, particularly in emerging countries. markets.

The data also showed that exports of semiconductors and photosensitive devices increased from just $0.16 billion in 2018 to $1.91 billion in 2023, with the country’s share of the global market reaching 1.4 percent, and the country now ranks ninth in the world. to 25th in 2018.

This highlights India’s potential to become a key player in the global semiconductor supply chain.