Each country depends upon several other countries and vice versa is also true. Countries earn a lot of profits by trading. However, the margin of that profit depends upon the products being exported. Let's take a look at the products which are exported from India to countries like the USA, Malaysia, Saudi Arabia, Australia and more.
1. Dairy Products
Milk from different breeds of cows taste different and thus, have a different value. The kind of breed of cow which is found in India is bos indicus. Fortunately for India, milk from this breed of cow is considered to be among the best in the world and makes it possible for India to contributes to 20.17 percent share in the total production of milk in the world as the same is exported from India.. However, there have been massive differences in profit margins when it comes to exporting dairy produced goods. Between April 2018 and February 2019, India's export in dairy produced goods was up 56% evaluating at a whopping $404 million, while in 2016 it was only around $50.63 million.
2. Textile Products
Textile accounts for almost 15% of the total good exported from India. The production costs for textiles is very low as they are manufactured in local places at a very cheap rate. However, they are exported at a very high rate to countries like the USA, Singapore, Germany, and Italy. In October 2017, exports from the textile industry experienced a staggering 38% jump amounting to $2.57 billion the same year. However, there was growth by merely two percent for the following year, i.e. 2018.
3. Petroleum Products
Petroleum Industry is one of the major industries in India. It accounts for 10% of the gross value of outbound shipments. India, however, exports only refined oil. India imports the majority of crude oil from countries in the Middle East. These imported crude oils are then refined into products such as Petrol, Diesel, Naphtha, Aviation fuel, Paints, Varnishes and much more. In 2019, petroleum markets for daily exports are expected to hit as low as 1.2 mbpd (million barrel per day) which sets a mark for the lowest record in the past 8 years.
4. Leather and Leather-Based Products
India is one of the largest leather manufacturers. Among the total production of skins in the world, India alone contributes to up to 13 percent. Aside from that, India boats to be one of the largest export industries concerning footwear. As per the official data recorded for April to June 2018, exports for leather and leather-based products have touched a milestone of $1420 million.
India exports animal meat on a huge scale. Buffalo's meat is exported heavily to countries like Brazil, United States, and Australia; which, in recent years amounted to $3608.72 million. India also exports meat of goat and sheep and makes a huge sum of profits through them.
The following post discusses a few of the key products that are exported from India to overseas. The post also analyses the worth each sector brings to the country and how it adds extreme value to the GDP of the country as a whole.