The ministry's data analysis indicated that petroleum exports increased to $84.96 billion in 2023, with India's market share rising to 12.59 percent last year from 6.45 percent in 2018, making it the second-largest global exporter.
The nation's portion of worldwide deliveries in the precious and semi-precious stones category increased to 36.53 percent in the previous year from 16.27 percent in 2018. Exports rose from $0.26 billion in 2018 to $1.52 billion in 2023, propelling the country to the top position in the category. In 2018, it held the second position.
According to data from the commerce ministry, India has seen strong growth in several sectors like petroleum, gemstones, agrochemicals, and sugar, increasing their global trade share in the past five years.
During the years 2018 to 2023, India's exports have seen a rise in the sectors of electrical goods, pneumatic tyres, taps and valves, and semiconductor devices. Likewise, exports of cane or beet sugar from the country have increased fourfold to $3.72 billion from $0.93 billion in 2018.
India's export of cane or beet sugar has seen significant growth, with its worldwide market presence rising from 4.17% in 2018 to 12.21% 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.
