India witnessed significant growth in exports across major industries, strengthening its position among the top ten global suppliers. According to data from the Commerce and Industry Ministry, figures in several categories exceeded $1 billion in 2023.
The country’s performance reflects its expanding economic influence, particularly in sectors like semiconductors and electronics. Semiconductor exports skyrocketed from $230 million in 2014 to $1.91 billion in 2023, elevating India’s global rank from 20th to 9th, capturing 1.4% of the global market. This growth underscores India’s pivotal role in the semiconductor supply chain, thanks to domestic innovation and manufacturing initiatives.
India’s dominance in precious stones also grew, with its market share climbing from 2.64% to an impressive 36.53% between 2014 and 2023. Exports valued at $1.52 billion highlight a blend of traditional craftsmanship and modern technology.
Exports of electric motor and generator components reached $1.15 billion, raising India to the 6th global position from 21st. The growth coincides with rising global demand for renewable energy and EV components, reinforcing India’s importance in these industries.
Petroleum exports jumped from $60.84 billion in 2014 to $84.96 billion in 2023, securing India the 2nd spot globally with a 12.59% market share, driven by advanced refining infrastructure.
Agrochemical exports, including insecticides and fungicides, reached $4.32 billion in 2023, positioning India as the 3rd largest global exporter. Compliance with international standards and significant R&D investments fueled this growth.
India’s sugar exports expanded dramatically, achieving a 12.21% market share in 2023, up from 4.31% in 2014, with export values reaching $3.72 billion. This growth, supported by favorable policies, solidified India as the 2nd-largest sugar exporter.
In electronics, exports of transformers and related components increased from $1.08 billion to $2.85 billion, improving India’s rank to 10th globally. Rubber tyre exports also rose to $2.66 billion, placing India in 8th position.
These successes reflect India’s strategic focus on innovation, production capacity, and global market adaptability, positioning the nation as a formidable economic force poised for future growth.
