India expands global market share in Petroleum, Gemstones, and Sugar exports over five years

NEW DELHI : India’s export competitiveness has significantly improved across various sectors—especially in petroleum, gemstones, agrochemicals, and sugar—over the past five years. According to data from the Commerce Ministry, these segments have successfully increased their share in global trade.

The other sectors where the share of India’s exports has increased during 2018 and 2023 are electrical goods, pneumatic tyres, taps and valves, and semiconductor devices.

Analysis of ministry data reveals that petroleum exports surged to $84.96 billion in 2023, with India’s market share climbing to 12.59% last year, up from 6.45% in 2018. This impressive growth has elevated India to the position of the second-largest global exporter, compared to its fifth-place ranking in 2018.

In the precious and semi-precious stones sector, India’s share of global shipments has skyrocketed to 36.53% last year, up from 16.27% in 2018. This remarkable growth has positioned India as the leading exporter in this category, with exports increasing from $0.26 billion in 2018 to $1.52 billion in 2023, having previously held the second spot in 2018.

Similarly, in cane or beet sugar, the country’s outbound shipments have more than quadrupled to $ 3.72 billion from $ 0.93 billion in 2018.

India has achieved tremendous growth in the export of cane or beet sugar, with its global market share increasing from 4.17 per cent in 2018 to 12.21 per cent in 2023.

“As the world’s second-largest exporter of sugar, India’s success can be attributed to both favourable agricultural policies and its strong production base. The country has capitalised on the growing global demand for sugar, especially in regions like Southeast Asia and Africa,” an official said.