India’s export sector is witnessing a surprising surge, not just in the expected high-tech goods, but also in some unexpected categories. One such surprising development is the significant increase in exports of unprocessed human hair and groundnut oil.
Hair Today, Sold Tomorrow: The Rise of Indian Hair Exports
The export of unprocessed human hair has witnessed a phenomenal jump, soaring from $34.5 million in the pre-pandemic year of 2018-19 to a whopping $180 million last year. This marks a more than fivefold increase, showcasing the growing global demand for high-quality Indian hair.
There are several factors contributing to this rise. India is home to a vast population with a diverse range of hair types, textures, and lengths. This variety caters to the specific needs of the international wig and hair extension market. Additionally, Indian hair is known for its natural strength, shine, and good quality, making it a preferred choice for many consumers.
From Peanuts to Profits: The Unexpected Rise of Groundnut Oil Exports
Another surprising export success story is groundnut oil, also known as peanut oil. Groundnut oil exports, which were almost negligible in 2018-19, have skyrocketed to $217 million last year. This significant increase can be attributed to several reasons.
Firstly, there has been a global shift towards healthier cooking oils, and groundnut oil is recognized for its high content of monounsaturated fats, which are considered beneficial for heart health. Secondly, India is a major producer of peanuts, allowing it to capitalize on the growing demand for groundnut oil. Additionally, government initiatives aimed at promoting oilseed cultivation and processing have likely played a role in this export surge.
Beyond Hair and Oil: India’s Diversifying Exports
While hair and groundnut oil exports are attention-grabbing, it’s important to note that this is part of a broader trend of diversification in India’s export basket. The country has also seen significant growth in exports of smartphones, electronics goods, iron ore, and other products. This diversification helps reduce dependence on any single sector and makes the Indian economy more resilient to global fluctuations.
Looking Ahead: The Future of India’s Exports
The rise of unexpected exports like hair and groundnut oil highlights India’s potential to cater to a wider range of global demands. By focusing on quality, innovation, and strategic marketing, India can continue to expand its export base and solidify its position as a major player in the global trade arena.