India’s total merchandise export value for the fiscal year 2021-22 stood at USD 417.81 billion, a whopping 43.18 % increase over the corresponding value from the last fiscal year and a 33.33% increase over the corresponding value from 2019-20.
The above piece of information alone is a testament to the rapidly growing export industry of the country and the changes that have occurred due to this growth. The impressive boom in export values shows that we are on track to becoming a leading exporter in the world.
Exports are essential to any country’s economic development and provide a livelihood to the millions of small and medium-sized traders who rely on these exports to get their products sold to customers living on the other side of the world.
India is home to a host of products that are commercially exported to countries in Asia, Europe, America, and other regions of the world. In this blog, we will talk about ten such commercially exported products that give a boost to the country’s economy.
Engineering goods include industrial machinery, automobiles, auto equipment, and other products produced from iron, steel, and other metals. Aluminium-Zinc alloys contribute a major portion of the exports.
In 2021-22, engineering goods worth over USD 111.63 billion were exported from India, which is over one-fourth of the total export value. This value is also an increase of 45.51 % over that of FY 2020-21.
Engineering goods produced in India are exported to the US, ASEAN nations, Europe, Northeast Asia, and others. The US is the largest importer, accounting for over 15% of India’s engineering goods exports.
Petroleum products worth more than USD 65.04 billion were exported from India in FY 2021-22. The value of petroleum exports increased 2.5 times from last year’s values, currently accounting for over 15% of the total export value.
India is the fifth largest producer of refined petroleum products in the world, exporting a wide variety of products to the likes of Singapore, the US, UAE, the Netherlands, and Malaysia. The exported items include gasoline, petrol, diesel, and LPG, among other products.
Gems and Jewellery
With total values worth over USD 38.94 billion, India’s gems and jewelry exports make up about 9.32 % of the total exports in terms of value.
India is the largest exporter of diamond and silver jewelry in the world. The exports have risen about 49.65% over the previous year’s values, while the gems and Jewellery industry also constitutes 7% of the country’s GDP. The exports go to several countries, such as the USA, Hong Kong, the UAE, Belgium, Israel, and Thailand.
India is also a leading exporter of organic and inorganic chemicals, with exports worth USD 29.15 billion in FY 2021-22, compared to USD 22.09 billion in FY 2020-21 (a 31.98% increase).
The agrochemical industry in India is the fourth largest in volume, producing over 50% pesticides. Other chemicals exported from India include certain types of acids, phenols, and acetone, among others. Some inorganic chemicals include those used in paper and paint industries, i.e., chlorine, calcium carbide, etc.
Drugs and Pharmaceuticals
The drugs and pharmaceuticals industry in India is one of the largest in the world. The country is the greatest producer and supplier of generic medicines and also the greatest supplier of vaccines – Indian vaccines account for nearly 50% of the global supply.
Over 3,000 drug companies with around 10,500 production units contribute to the humongous USD 24.47 billion export value of Indian drugs and pharmaceutical products. While the USA is the largest importer of these drugs, it is just one of over 200 countries that buy Indian drugs.
Ready-made Garments (RMG)
The Ready-Made Garments (RMG) segment in India constituted a 3.81% share during the last financial year 2021-22, with exports amounting to a value of USD 15.93 billion- an increment of 29.86% over last year’s values.
India is the fifth largest exporter of textiles and apparel, thanks to an expansive network of organized and unorganized sectors throughout the country. Some of the largest importers of Indian RMG products are the USA, UAE, UK, and Germany, among others.
Cotton and other handloom products
India is one of the leading exporters of cotton in the world. The exports of cotton yarn/fabrics/made-ups and other handloom products from India in 2021-22 were worth USD 15.2 billion, accounting for a 3.65% share by value.
Since the prices of Indian cotton products are lower than those of similar products produced in other countries, such as the USA, Indian cotton products get a cost advantage over their American counterparts. From April 2021 to February 2022, China, Bangladesh, and Vietnam together imported 60% of India’s cotton exports.
Plastic and Linoleum
India exported plastic and linoleum products worth over USD 9.78 billion in the financial year 2021-22. This value marks a 31% increase over the corresponding values of the last year ( 2020-21).
The plastic and linoleum industry in the country mainly represents a wide variety of products that include bags, containers, tarpaulins, sanitary equipment, and several accessories. These exports account for nearly 2.34% of the total exports in terms of monetary value. China and the US are the top importers of these products.
Rice is one of India’s most important commodities and one of the most exported ones. The value of rice exports from India amounted to over USD 9.6 billion from April 2021 to March 2022.
Agricultural products in India have witnessed a steady rise in exports in recent years. And among agricultural products, Basmati and non-Basmati rice constitute a large portion. The amount of rice exported from India in 2012-22 was about 18,750 metric tons, making the country the largest rice exporter in the world.
The major buyers of Indian rice include Saudi Arabia, Iran, and the UAE, among others.
India’s export value of electronic goods during 2021-22 saw a 40% surge over last year’s values. Electronic goods exports from India between April 2021-March 2022 were worth USD 15.59 billion, amounting to a 3.73% share of total export value.
The electronic products exported from India include mobile phones, computers, laptops, and accessories such as headphones and microphones. The United States (USA) and the United Arab Emirates (UAE) are India’s top two buyers of electronic products.
Indian chemicals are exported to over 175 countries, including major destinations such as Brazil, China, and the USA.
India is one of the world’s largest exporters in terms of monetary value. The country has a host of commodities produced in large volumes and exported to different parts of the world.
Overall, the USA is the largest importer of Indian goods, accounting for over 17% of all exports by value. China is the second-largest importer of Indian goods, comprising around 7.26% of India’s exports in 2020-21, while the Netherlands became the largest European export destination for India in FY2022.
Indian products travel the world. If you liked how we presented the information in this blog, you would surely like our other blogs. So, make sure to check them out. If you’d like to give some feedback or suggestions, drop a comment right away.