Apart from the service sector like Information Technology, Accounts and Taxation, Business Process Outsourcing and other services. India is also one of the leading exporters, offers thousands of export products around the world to the various countries whether it’s European, Asian, American, African, Australian or anything else. The global foreign trade of India increasing every year. In 2016, export product valued at 22,911.74 USD that was positively increased to the 29,232.05 USD in the year of 2017. Any business involved in exporting products from India to different countries having a great contribution to the growth of the export sector of India. The involvement of foreign traders increasing day by day that leads to appreciating more export products. There are thousands of products exported by India to the various countries and continents every year that has a great contribution to the growth of foreign trade. Here we listed some of the most popular products that exported by India previously:
Textile products are most common and basic need of a human being. Textile products comprise of cotton, clothes, fabric, yarn etc. Textile plays a significant role in the growth of the export sector of India. Textile contributes 14% to the industrial production and 4% to the Gross Domestic Product. The size of Indian textile market in 2016 was around 137 Billion USD which is expected to increase 226 Billion USD in 2023. The central government of India is planning to finalize and launch the new textile policy that aims to achieve 300 Billion USD worth of textile export.
India is also one of the leading suppliers of petroleum products like LPG, Kerosene, Gas Oil, Gasoline, Crude Oil, Low Sulphur Fuel Oil etc. There is several world’s best oil refinery such as Reliance, ONGC, Bharat Petroleum and Hindustan Petroleum Corporation Limited exist in India produce a great number of petroleum products and having a great contribution in export that is valued around 61.2 Billion USD.
The Indian Automobile Industry is one of the largest one in the World and having a great contribution of 7.1% in the Gross Domestic Product (GDP) of the country and it has become a very cost-effective manufacturing hub for automobiles. Production of the automobile industry of India comprises of passenger vehicles, commercial vehicles, three wheeler, two wheeler and automotive components.
Gems and Jewellery Products
The export of jewelry from India to various countries gathering a great momentum in the foreign trade of India. India has not only made a mark in cutting and polishing of diamonds but has reached a considerable reach of highest export of diamond too in previous years. India is world’s largest cutting and polishing sector of diamonds as India exports 75% of world’s polished diamonds as per the statistics from the Gems and Jewellery Export Promotion Council (GJEPC). The demand of gold positively rose up to 454.4 tonnes between January-September 2017 and India’s Gems and diamonds stood at 17.2 Billion USD, thereby contributing about 69% of the total gems and jewellery exports in value terms.