These aforementioned commodities include moulding machineries, beverages, cereals, fruits, vegetables, drugs & pharmaceuticals, leather, marine products, fertilisers, iron ore, cosmetics & toiletries, and inorganic chemicals.
It must also be noted that in ten commodities, the quantity exported has grown while the value has plummeted. This is attributed to falling raw material prices or Indian exporters reducing final product prices to maintain competitiveness in the global market. These commodities include petroleum products, marine products, cotton yarn, inorganic chemicals, tea, finished leather, cashews, dye intermediates, cocoa products, and jute raw, collectively accounting for 23% of India’s total goods exports.
Furthermore, India’s exports have expanded their reach to 107 countries out of 233 global markets with which India has trade relationships. The share of these 107 countries in India’s overall exports has grown from 21% in January-July 2022 to 27% in the current year.
In conclusion, India’s exports are gaining global competitiveness in niche sectors, and Indian exporters are expanding into new markets such as Albania, Armenia, Romania, Cuba, Iraq, Djibouti, and Portugal. These markets hold the potential to diversify Indian exports beyond traditional concentrations in the USA and European Union.
