The Hindu Business Line : Textiles pull down overall export growth

TRADITIONAL export items such as engineering goods, gems and jewellery and chemicals and related products comprising slightly half of the country's overall exports performed well during the first eight months of the current fiscal while textiles, holding the single biggest share, did badly by notching up a negative four per cent growth to pull down the overall export growth to 9.93 per cent in dollar terms.

Unpublished trade data based on provisional figures of DGCI&S, Kolkata and compiled by the Economic Division of the Ministry of Commerce and Industry for the period April to November 2003 reveal that engineering goods (weightage 16.20 per cent) registered a robust 27.21 per cent growth at $6087.60 million, against $4785.48 million in the comparable months of 2002. Gems and jewellery (18.44 per cent) also put up a wholesome show by registering a growth of 14.12 per cent at $6927.99 million, against $6070.97 million in the comparable months of 2002. Chemicals and related products (15.78 per cent) did well by posting a growth of 16.89 per cent at $5930.46 million, against $5073.75 million.

Exports of textiles (weightage 18.45 per cent), on the contrary, did badly by clocking up a negative 4.24 per cent growth during the period under review at $6933.05 million, against $7240.32 million. Within this category, export of cotton, yarn, fabrics, made-ups etc performed poorly by posting a negative 15.63 per cent growth at $1910.43 million, against $2264.24 million.

Yet another dismal record in export performance was set by agriculture and allied products, which with a weightage of 7.80 per cent in overall exports, registered - 4.66 per cent growth at $2932.61 million, against $3075.97 million.

A redeeming feature is the stupendous show of unclassified exports (2.93 per cent), which posted a growth of 69.42 per cent at $1100.66 million, against $649.65 million.

Overall, exports during the first eight months of the current fiscal amounted to $37575.49 million, against $34181.85 million in the corresponding months of 2002, reflecting a growth rate of 9.93 per cent.

Destination-wise, India's exports to West Europe accounting for a share of 23.89 per cent did reasonably well by recording a growth of 11.87 per cent at $8976.73 million during the period under review, against $8038.83 million in the comparable months of 2002.

Exports to Asia and Oceania which account for a lion's share of 45.10 per cent in India's aggregate exports to any single region, grew by a massive 16.71 per cent growth at $16948.41 million, against $14521.21million.India's exports to the Americas (22.27 per cent) flagged by notching up a negative growth rate of 2.58 per cent during the period under review at $8369.49 million, against $ 8600.03 million. The same is the case with export to Latin American countries (1.84 per cent share), which saw a negative growth of 18.52 per cent at $691.88 million, against $849.09 million.

On the import front, bulk imports with a weightage of 38.35 per cent in overall imports did exceedingly well by registering a growth of 19.31 per cent at $18411.77 million during April-November 2003, against $15431.83 million in the comparable months of 2003. Import of machinery (9.86 per cent) also performed tremendously by recording a growth of 33.12 per cent at $4735.56 million, against $3557.41 million.

Gold and silver imports (9.30 per cent in total imports) grew by a hefty 38.93 per cent at $4464.74 million, against $3215.17 million, while import of electronic goods (9.54 per cent in total imports) jumped by 35.54 per cent at $4581.18 million, against $3379.83 million. There has been a massive increase in import of edible oil (3.71 per cent) which posted a growth of 63.02 per cent at $1781,94 million during the first eight months of the current fiscal, against $1093.11 million in the comparable months of 2003.

Overall, the country's imports logged a high 22.33 per cent growth during the first eight months of the current fiscal at $48006.08 million, against $39243.28 million in the comparable months of 2002.

Destination-wise study reveals that India's imports from West Europe (23.77 per cent of total imports) grew by 16.85 per cent during the period under review at $11412.66 million, against $9766.67 million in the corresponding months of 2002. Imports from Africa (4.89 per cent) grew by a negative 1.50 per cent at $2348.22 million, against $2383.97 million.

In sharp contrast to deceleration in India's exports to the Americas, India's imports from the Americas (9.09 per cent) grew by a handsome 16.15 per cent at $4362.20 million during April-November 2003, as compared to $3755.60 million.

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