In recent years, India has become a key player in the world of exporting. Their position in the global markets has improved dramatically due to the increase of internal quality controls for products, and they now have an export value of $276.23bn USD.
In 2019 India was ranked fifth in the world for their economy in terms of GDP, and number 15 in total exports. India exports a huge range of products, from raw materials such as Refined Petroleum and Diamonds, to finished products including microwaves and other home appliances. They export mainly to the United States ($55.3bn), the United Arab Emirates ($28.6bn) and China ($17.4bn).
Between May 2020 and May 2021, India’s exports have increased by a staggering 67.6%. While they have suffered as a result of the global coronavirus pandemic sweeping the globe, their export market has fared well. It has, however, changed somewhat; Petroleum products were the top exported item, followed closely by precious and semi-precious stones and drug formulations and biologicals.
So with this ever-growing market, the number of consumer goods exported is growing too:
1. Toys and Games
In the period of 2019 to 2020, India’s toy exports stood at $130 million USD, with the US and UK being the lead export destinations. China, of course, dominates the toy-export market, but with India’s global market share growing by 15% per year, there is huge potential for India to catch up; the country’s toy exports are expected to grow to $2-3billion by 2024.
2. Home Appliances
A recent study has shown that 74 countries and territories import home appliances from India. The combined value total of these exports is $0.95 million USD, displaying a huge growth in the sector. In 2009, for instance, the export of appliances was worth only $0.03 million USD, showing an increase of over 3000% in 12 years. For most of India’s exports, the United States is the ‘top’ destination, whereas for appliances (especially kitchen appliances), the US is trumped by both Turkey at the top, followed closely by Germany in second.
3. Clothing and Apparel
Over the past decade, as mentioned, the quality of many products made in India has drastically increased, and clothing is no exception. Whereas India has, in the past, exported more raw textiles, this quality advance has resulted in a much higher level of readymade garments (RMG). As the world’s largest cotton producing nation, India has huge potential in the RMG market; from April 2020 to March 2021, RMG exports from India stood at a huge $12.27 billion USD.
4. Home Décor
The home décor market has seen huge growth globally over the past decade, not merely in India. Home furnishings are more widely available, and the range of products has also increased. Home décor is categorised as household furniture, furnishings, and decorative items, and India’s presence in the market has grown by 25-30%, one of the highest growing countries in the world within this category. Famous for its handicrafts, Indian manufacturers have seen an uptake in items made for export, especially floor coverings, jute products and handloom creations.
5. Kitchenware & homeware
Homeware is one of the export categories India is best known for. In 2020 the commodity group of ‘kitchen and tableware, and other home plastics including bathroom articles’ totaled $180 million USD. The highest importer of Indian homeware is USA, spending $25 million per annum. Closely following the US is Nigeria ($20 mil) and the UK ($16.1 mil). The breakdown of homeware exports are 74% tableware and kitchenware, the remainder being other household & toilet articles.
6. Garden & Outdoor
India exports a large amount of garden and outdoor furniture made mainly from wood, metal and plastic. The demand for India’s garden and outdoor exports is driven by the Asia-Pacific region; increasing numbers of international tourists (COVID-19 notwithstanding) is the main driver behind this increase in demand. The promotion of good health and the use of outdoor spaces also plays a big part in people’s wish for outdoor spaces that they can furnish and utilize.
7. Fashion accessories and jewelry
In 2017, the market value for India’s exports of fashion accessories was approximately $3.7 billion USD and is estimated to reach $11.5 billion by 2023. The rapid rate in which fashion trends evolve plays a big part in this section of India’s export market. India does export a large amount of jewelry, and is a large exporter of precious stones, including diamonds and pearls, meaning that the jewelry it does export is usually of high quality and, in turn, is a huge section of the export market. In fact, from June 2020 (the height of the pandemic) to June 2021, India’s jewelry export market has boomed by an enormous 92.37% (according to the Gem and Jewelry Export Promotion Council).
So while many markets around the world are suffering due to lockdowns, closed borders and quarantine restrictions, India’s is not only surviving, but flourishing. The growth of the toy-, appliance- and clothing-market is happening across all sectors, with India becoming an ever-popular provider of goods, both commercial and in terms of raw materials. If India continues to grow as it has in the last decade, there is no doubt it will become the world’s most prolific exporter.
Sources:
https://tradingeconomics.com/india/exports
https://www.livemint.com/economy/india-posts-record-35-2-billion-exports-in-july-11627914776509.html
https://www.jagranjosh.com/general-knowledge/list-of-top-10-products-exported-from-india-1517551344-1
https://oec.world/en/profile/country/ind
https://www.worldstopexports.com/indias-top-10-exports/
https://www.indiantradeportal.in/vs.jsp?lang=0&id=0,30,50,163#:~:text=In%20FY19%2C%20total%20textiles%20and,it%20was%20US%24%201.30%20billion.
https://connect2india.com/global/export-Kitchen-Appliances-from-india
