In the post-pandemic era, India’s share of exports of petroleum and electronic goods has expanded at the expense of labor-intensive industries like gems and jewellery, engineering products, and ready-made clothing.
Data from the Commerce Ministry examined by Business Standard reveals that, thanks to cheaper Russian crude imports, the percentage of petroleum exports in India’s total exports increased from 13.2% in FY20 to 21.1 in FY23. In contrast, the percentage of electronics exports increased from 3.7% in FY20 to 5.3% in FY23 as a result of an increase in smartphone shipments from manufacturers like Apple and Samsung.
However, from 11.5% in FY20 to 8.5% in FY21, the percentage of gems and jewellery exports decreased. From 25.1% in FY20 to 23.9% in FY23, both the percent and the share of engineering goods exports fell. The percentage of pharmaceutical exports is lower than it was before the epidemic (5.7% in FY23).
