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G. Srinivasan

New Delhi , Oct. 6

NOTWITHSTANDING a double-digit export growth of 11 per cent during the first two months of the current fiscal, traditional export items such as textiles, gems and jewellery, plantations and marine products underperformed causing concern to the authorities about their contribution in sustaining higher export growth momentum in the current fiscal.

Unpublished disaggregate foreign trade figures compiled by the Economic Division of the Commerce Ministry based on provisional data show that textiles with a weight of 19.35 per cent in aggregate exports notched up a measly 0.40 per cent growth during April-May 2003-04 at $1712.89 million, against $1706.11 million in the corresponding months of 2002-03.

Gems and jewellery with a weight of 14.60 per cent logged a negative 6.82 per cent growth during the period under review at $1293.14 million, against $1387.73 million in the comparable months of the previous fiscal.

Marine products, though account for an inconsiderable share of 1.96 per cent in total exports, grew by a modest 5.15 per cent at $173.29 million, against $164.81 million.

Agriculture and allied products (8.69 per cent), however, grew by 8.78 per cent during the period under review at $769.31 million, against $707.22 million in the comparable months of the previous fiscal.

Engineering goods (18.74 per cent) emerged as the single biggest success story as their exports recorded a growth of 53.40 per cent at $1658.87 million, against $1081.39 million during the comparable months of the previous fiscal.

Chemicals and related products too (15.63 per cent) showed up a growth rate of 13.55 per cent at $1383.78 million, against $1218.68 million. Export of electronic goods (2.81 per cent) grew by 22.82 per cent at $249.23 million, against $202.92 million in the corresponding months of 2002-03.

Overall, exports during the first two months of the current fiscal amounted to $8854.23 million, against $7981.31 million in the comparable months of the previous fiscal, posting a growth of 10.94 per cent.

Destination-wise, traditional markets like West Europe which account for a share of 24.16 per cent in the country's overall exports registered a 13.55 per cent growth at $2139.12 million during the period under review, against $1883.79 million in the corresponding months of 2002-03.

Though Asia and Oceania account for a lion's share of India's exports at 42.32 per cent, this region revealed a growth of 9.37 per cent at $3747.41 million during the first two months of the current fiscal, against $3426.33 million in the corresponding months of 2002-03.

Exports to the Americas (24.90 per cent) grew by a relatively robust 10.76 per cent at $2204.65 million, against $1990.44 million in the comparable months of 2002-03, while that of Africa (6.05 per cent) registered a wholesome growth of 15.97 per cent at $535.57 million, against $461.82 million.

On the import front, bulk imports, which account for a considerable chunk of 38.05 per cent in total imports, grew by 15.36 per cent at $4384.13 million, against $3800.23 million in the corresponding months of 2002-03. Machinery imports accounting for a share of 9.17 per cent logged a growth of 23.86 per cent during the first two months of the current fiscal at $1056.89 million, against $973.31 million in the corresponding months of 2002-03.

Interestingly, there is a surprising bounce in the import of gold and silver which accounted for a share of 12.54 per cent in the country's imports. It notched up a growth of 80.30 per cent at $1444.41 million, against $801.10 million in the corresponding months of 2002-03. The sudden spurt in the import of gold is also reflected in the firming up of international gold prices and also the rising appreciation of the Indian rupee with people preferring to put their money in bullion.

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