New Delhi. During the last five years, India’s export competitiveness has increased rapidly in sectors like petroleum, gems, agrochemicals and sugar. This information has been given in the data of the Ministry of Commerce. India has increased its share in global trade in these sectors during 2018 and 2023. Apart from this, share in electrical goods, pneumatic tyres, taps and valves, and semiconductor equipment has also increased.
Analysis of the ministry’s data shows that petroleum exports will increase to US $ 84.96 billion in 2023. With this, India’s market share in global trade increased from 6.45 percent in 2018 to 12.59 percent in 2023. In this category, India increased from fifth place to become the second largest exporter.
The country’s share in global exports in the field of precious and semi-precious stones has increased from 16.27 percent in 2018 to 36.53 percent in 2023. In this category, the country moved from second place to the top in global trade. Similarly, sugar exports increased from US$930 million in 2018 to US$3.72 billion. India’s share in global trade in this sector increased from 4.17 percent to 12.21 percent.
India’s share in the global trade of pesticides and fungicides also increased significantly. This was possible due to India’s ability to meet international agricultural and environmental standards and its focus on innovation in agrochemicals.
Apart from this, the country’s position in the global trade of rubber pneumatic tyres, semiconductors and photosensitive equipment has also strengthened.