India's exports increased by 3.12% to $36.92 billion in January, despite global uncertainties such as the Red Sea situation, while the trade deficit fell to a nine-month low of $17.49 billion. However, we do not wish to focus on that story.

2023 was a significant year for India. As the country strives to become a manufacturing and export hub, and offers

According to a Commerce Ministry report, India's exports of autos and gold jewelry have expanded into hitherto untapped markets in Central Asia, Africa, Europe, and Latin America. Last year, India managed to enter "absolutely new markets". These are the regions where no exports occurred between April and December 2022.

When compared to the same period in 2023, India's exports of various key commodities such as motor vehicles, two- and three-wheelers, petroleum products, sugar, gold, and other precious jewels increased significantly. Exports of these commodities to "absolutely new markets" totaled $234 million between April and December 2023, compared to nil shipments during the same period in 2022.

As per a person familiar with the matter, "A comprehensive examination of country-wise exports underscores a notable diversification of markets for India's merchandise exports, characterized by the exploration of new export destinations, in spite of strong global headwinds with subdued performance globally."

India's trade policy appears to be focused on two primary themes: export expansion and diversification into new markets. Exports to these markets account for 5% of India's total exports of 42 key commodities to the world. The goods cover 16 significant sectors of India's export basket, according to the official.

In these new markets, where exports were previously small or non-existent, India's proportion of some commodities increased to $2.17 billion between April and December 2023. The commodities include ceramics and related products, aluminum and its products, two- and three-wheeled vehicles, iron and steel products, and electric machinery and equipment.