12 Export Items to Dominate International Trade This Decade

India's exports have increased dramatically in the last two years, owing to its excellent manufacturing and supportive governmental policies. In FY 2022, India hit a record of US$417.81 billion in its merchandise exports. It is anticipated by the government that this FY 2023 will witness India to further increase the numbers to US$450 billion. 

Recently, the world’s economy is at a slower pace owing to the challenges it's facing on a global level. However, India will not majorly suffer from any of the global headwinds because of its strong domestic market and the Free Trade Agreements with the UAE and Australia. 

If there’s almost a win-win situation for imports and exports in India, then why not maximise our benefits through this? All you have to do is do an in-depth analysis of the markets, do some research about different aspects involved in export business in India, and proceed towards success. 

Most Profitable Industries for Exporters in India

Indian products hold a certain image in the international market. They are known for their top-notch quality and affordable prices. Thus, here we have prepared a list of the most profitable export items that will be dominating the global trade industry this decade. Go through these and surely you will get a clear idea of which industry you desire to get in.

1. Electronics Industry 

With the rise of technology and the growing demand for electronic devices, electronics are set to dominate international trade this decade. It is anticipated that electronic exports from India are likely to grow even faster in the future years, emerging as strong competition in the international market. 

The country’s electrical products have a sizable market share in nations such as the United States, the United Kingdom, the United Arab Emirates, Germany, and China.

2. Pharmaceutical Products

Pharmaceuticals: The global demand for medicines and medical devices is increasing rapidly, making pharmaceuticals a top export item for many countries. 

India exports a wide range of pharmaceutical items, including generic pharmaceuticals, active pharmaceutical ingredients (APIs), biosimilars, and vaccines. India, known as the "pharmacy of the world," plays an essential role in providing affordable and high-quality pharmaceuticals to the worldwide market.

3. Petroleum Products

Petroleum products have an important place in the energy industry because they feed the world's insatiable desire for power. The United Arab Emirates, Singapore, and China have a huge market for petroleum exports from India. There is high demand for these products, as countries seek reliable energy sources to empower their economic expansion.

4. Automobile Industry 

The automobile industry is growing at an unprecedented rate, and with the rise of electric vehicles, it is set to dominate international trade in the coming years.

Tata Motors, Mahindra & Mahindra, and Maruti Suzuki are among the prominent vehicle manufacturers in India. Indian vehicle exports are gaining traction in the international marketplace due to their creative designs and affordable prices. As a result, they enjoy a high reputation in key export markets such as South Africa, Latin America, Europe, and the Middle East.

5. Jewellery 

India is renowned for its extensive jewellery exports, which include gold, silver, diamonds, and gemstones. The intricately crafted necklaces, bangles, earrings, and rings of India enchant the global market with their unique combination of both traditional and modern patterns. The United States, Hong Kong, the United Arab Emirates, Switzerland, and the United Kingdom are among the leading destinations for India's magnificent jewellery exports.

6. Machinery 

The demand for machinery is increasing across many industries, and with the rise of automation and artificial intelligence, this is set to continue.

Indian machinery exports are in great demand in countries such as the United States, the United Arab Emirates, the United Kingdom, Germany, and China, and have a considerable impact on the expansion and progress of many sectors. With a total export value of USD 828.35 million, it serves over 207 nations and regions, demonstrating its significant influence in the global equipment industry.

India's machinery exports include a diverse range of goods, including machinery for agriculture, construction equipment, textile, and industries.

7. Bio-chemical Products

Chemicals are used in a wide range of industries, and with the demand for new and innovative products increasing, chemicals are set to dominate international trade.

To meet the diversified needs of various industries, Indian bio-chemical manufacturers are constantly researching innovative applications and increasing the range of their products. Top export markets such as the United States, European Union, Japan, and South Korea have recognised the value of Indian bio-chemicals in encouraging sustainable development.

8. Cereals 

Rice, maize, wheat, and millet are among the cereals exported from India. Indian cereals are well-known for their nutritious value and delightful taste, and they cater to a wide range of tastes and dietary requirements around the world. As a result, it is high in demand across nations such as Saudi Arabia, the United Arab Emirates, Iran, Nepal, and Bangladesh, where it is an essential component of local cuisine and cultural practices.

9. Iron and Steel Industry

Iron and steel exports from India are critical to the global expansion and growth of the infrastructure and construction sectors. There are around 205 countries that have a market that imports Indian iron and steel products. The European Union, the United States, China, and the Middle East are among the leading importers.

10. Textile Industry

The textile industry is a major contributor to many countries' economies, and with the demand for clothing and textiles increasing, this is set to remain a top export item.

The Indian textile industry is steeped in a rich tradition of skills like weaving, embroidery, and dyeing. Indian textile exports prosper globally by flawlessly blending traditional practices with advancements. You can launch a handicraft business that combines traditional handloom creativity, professional workmanship, and modern innovation.

11. Renewable Energy

With the world shifting towards cleaner and more sustainable energy sources, renewable energy products such as solar panels and wind turbines are set to dominate international trade.

India as an exporter of renewable energy products has its market in the United States, the United Kingdom, and various European nations, particularly Germany. 

12. Construction Material

To export construction materials from India, high-quality products are produced which are not available in various other countries or are expensive. Exporting construction material from India indeed is a beneficial trading business because the cost of production is comparatively low.

India exports construction materials to countries in the USA, New Zealand, Australia, Indonesia, and Africa.

Final Thoughts

Indian export products are highly reputed in the international market. They are known for being high-quality, sustainable, and available at reasonable prices. Thus, this is the time when Indian exporters can start their import and export business in India and mark their presence in the international market.

Hence, do in-depth market research and analysis, go through the pros and cons, know your field of interest and step ahead! Even the Government of India encourages exporters to establish and develop their export-import business through various schemes and incentives. One of them is the RODTEP scheme that allows reimbursement of duties and taxes which the exporters don’t get a refund of under any other schemes as per the WTO norms.

These were some of the export items that are set to dominate international trade this decade. Hope this had intrigued you to start an import-export business in India and with the help of governmental incentives take it to enormous heights.