India has increased its share of global trade of key manufactured products like petroleum, gems and jewellery, insecticides, tyres and even semiconductors between 2018 and 2023 on the back of rising competitiveness, according to an analysis by the Ministry of Commerce and Industry.
By 2023 India has become the second largest exporter of petroleum products globally with shipments increasing to $ 84.96 billion in 2023 from $ 47.08 billion in 2018. India now holds 12.6 % of the global market share in petroleum products trade, which is double of 6.4% in 2018.
“This growth has been driven by India’s refining capabilities, increased production, and ability to meet international standards, positioning the country as a reliable supplier of petroleum products to the world,” the ministry said.
One of the most striking improvements has been in the export of precious and semi-precious stones, where India’s global share skyrocketed to 36.5% in 2023 from 2.64% in 2014. India is now the world’s largest exporter in this category, with exports valued at $1.52 billion in 2023.
India is now the third largest exporter of insecticides, fungicides and similar products with shipments of $ 4.32 billion last year and market share of 10.8% from 5.9% in 2018. In cane and beet sugar India’s is the second largest player with share increasing to 12.2% in 2023 from 4.1% in 2018. Total exports of the commodity were $ 3.7 billion,
India’s position in the global market for rubber pneumatic tyres is now eighth from 13th in 2018. In 2023 the exports of tyres was $ 2.6 billion which accounted for 3.3% of market share. The demand increase from emerging markets has helped in this case, the analysis said.
The data also showed that exports of semiconductors and photosensitive devices have increased to $ 1.9 billion in 2023 from a mere $ 0.16 billion in 2018 with the country’s share in the world market increasing to 1.4 %. The country now ranks ninth globally in semiconductor exports from 25th in 2018.
This underscores India’s potential to become a key player in the global semiconductor supply chain, the ministry said.
From: financialexpress
Financial News
