Fuel, electronics exports lead India's post-pandemic trade basket rejig

For FY23, merchandise exports grew 6 per cent to $447 billion mainly due to robust growth during the first six months of FY23

The share of petroleum and electronic goods exports by India in the post-pandemic world has increased at the cost of outbound shipments of labour-intensive sectors such as gems and jewellery, engineering goods, and readymade garments.

Commerce ministry data analysed by Business Standard shows that boosted by cheaper crude imports from Russia, the share of petroleum exports in India’s total exports went up from 13.2 per cent in FY20 to 21.1 per cent in FY23. The share of electronics goods exports, meanwhile, rose from 3.7 per cent in FY20 to 5.3 per cent in FY23 due to rising shipments of smartphones