India ranks high among the exporters of high-value products

According to data provided by the Commerce and Industry Ministry on Tuesday. India has seen a significant rise in exports for a number of important product categories. It is preserving or enhancing its position among the top ten global suppliers with export values above $1 billion in 2023.

The official statement stated that India’s export performance reflects the country’s growing economic prowess. It follows dominating the global market in precious stones to making inroads in advanced sectors like semiconductors and electrical components. The nation’s strategic emphasis on semiconductors and electronics has produced remarkable outcomes.

With its global share of precious and semi-precious stone exports rising from 2.64 per cent in 2014 to an incredible 36.53 per cent in 2023. India has become the world leader in this field. $1.52 billion in exports demonstrates India’s centuries-old skill. It uses modern machinery in the production of gemstones.

Official Data

According to official data, exports increased from $0.23 billion in 2014 to $1.91 billion in 2023. It attained the ninth position and a global market share of 1.40 per cent. It is a notable improvement from the 20th in 2014. The statement noted that this development underscores India’s expanding contribution to the worldwide semiconductor supply chain, supported by initiatives to improve local manufacturing and innovation.

Electric motor and generator components exports have also increased significantly. It reached $1.15 billion in 2023 with a global share of 4.86 per cent. It moved India up from 21st place in 2014 to sixth place. This expansion positions India as a key supplier in this disruptive sector and corresponds with the global trends of the adoption of electric vehicles and components of renewable energy.

Therefore exporting values have increased from $60.84 billion in the year 2014 to $84.96 billion in the year 2023. The petroleum industry has escalated notably, and it has achieved 12.59% of the market share globally. India has jumped to the second largest exporter thanks to its advanced supporting refining facilities.

As the lead states the Commerce Ministry. India is well on its way to reaching the future vision of becoming a nation that is among the top seven world economies by 2047 as more of its products and companies take on the global market.

Thus, India has developed strongly in the sphere of agrochemicals, especially fungicides, insecticides, and rodenticides products. Exports went up from 5.89% in 2014 to $ 4.32 billion by 2023 of market share of 10.85% internationally. India is today the third largest exporter in the world due to investment in the research and development along with adherence to international agriculture. This expansion shows that India is very crucial for implementing sustainable practices in agriculture.

Other Major Growth

The world market for cane of beet sugar market share of India which was 4.31 percent in 2014. It has been successfully enhanced up to 12.21 percent in 2023 proving the growth of Indian sugar export. India realized the second position in the world’s largest exporter in 2023 when export values reached 3.72 billion. The agricultural industry in India has been reinforced through its readiness to fill the demand boost regarding the production goods significant in Southeast Asia and in Africa as well as from advantageous agricultural standards.

They led buying and selling of electrical transformer and related components by a few dollars from $1.08 billion in 2014 to $2.85 billion in 2023. I am seeing a remarkable improvement in its performance especially within electronics manufacturing industry. Currently it ranks ninth in the world as against the position it held in 2014 when it ranked 17th. Its market share is 2.11 per cent in 2023.

By reaching $2.66 billion of rubber pneumatic tire exports in 2023 India has displayed good progress . Its global market share increased to 3.31%, placing it in eighth place. It is a significant improvement above its 2014 ranking of fourteenth. India’s focus on quality, cost competitiveness, and the capacity to service a variety of markets particularly in emerging economies is reflected in this rise.

In the same field, India ranked 10th in the world with $2.12 billion in exports of taps, valves, and related industrial goods in 2023. It accounts for 2.16 percent of the worldwide market. Furthermore, India’s coal tar distillation product exports totaled $1.71 billion in 2023. It is ranking fourth globally and gaining a 5.48 percent market share, demonstrating the product’s significance in industrial value chains.