The Hindu Business Line : Manufactured goods prop up exports

THE 14.01 per cent growth the country's exports logged during the first ten months of the 2003-04 fiscal (April 2003 to January 2004) was largely driven by manufactured goods - chemicals and related products, gems and jewellery, engineering goods and petroleum products which together account for 54 per cent in aggregate exports.

Unpublished disaggregated trade data compiled by the Directorate of Commercial Intelligence & Statistics (SGCI&S) Kolkata show that engineering goods accounting for a share of 16.16 per cent in total exports put up a resounding show of 28.27 per cent growth at $7,874.72 million during April to January 2003-04, against $6,139.26 million in the corresponding months of 2002-03.

While gems and jewellery (16.60 per cent in weight) registered a growth of 10.42 per cent at $8089.68 million during the period under review against $7,326.34 million in the corresponding period of 2002-03, chemicals and related products (16.18 per cent) notched up a growth of 13.98 per cent at $7,395.87 million, against $6,488.95 million in the comparable months of 2002-03. Petroleum products (5.77 per cent weight) put up a tremendous show by clocking a growth of 46.38 per cent at $2,812.58 million, against $1,921.47 million in the comparable months of 2002-03.

Exports of textiles which account for a share of 18.37 per cent in overall exports nosedived notching up a negative 0.92 per cent growth during the period under review at $8,963.05 million, against $9,085.87 million in the corresponding months of 2002-03. Overall, the country's exports grew by 14.02 per cent during April-January 2003-04 at $48,727.17million, against $42,733.93 million in the corresponding months of 2002-03.

Destination-wise, India's exports to Asia and Oceania which absorbs a massive 46.15 per cent of its total exports, went up by 23.74 per cent during the period under review at $2,2486.77 million, against $1,8172.68 million, while exports to the Americas (21.60 per cent share) went down by 2.23 per cent at $10,474.20 million, against $10,713.07 million.

Exports to Western Europe, which absorbs as much as 26.77 per cent of India's exports grew by 14.28 per cent during the period under review at $11,681.65 million, against $10,164.24 million in the corresponding period. Though India's exports to Africa holds only a moderate 5.98 per cent share, exports to this region registered a growth close to 17 per cent during the period under review at $2,915.88 million, against $2,492.77 million in the comparable months of 2002-03.

On the import front, bulk imports, which account for 38.20 per cent in total imports grew by 21.26 per cent growth at

$23,798.29 million, against $19,625.71 million. Import of pearls, precious and semi precious stones, which account for a share of 9.35 per cent in total imports grew by 15.50 per cent at $5,825.94 million, against $5,044.10 million in the corresponding months of 2002-03. Machinery imports (10.48 per cent) grew by 37.09 per cent at $6,527.13 million, against $4,761.04 million.

Interestingly, import of gold and silver which account for a share of 8.67 per cent in total imports, grew by 50.21 per cent during the period under review at $5,400.17 million, against $3,595.06 million in the comparable months of 2002-03. Overall imports during the period under review grew by 24.26 per cent at $6,2296.31 million, against $50,133.98 million in the corresponding months of 2002-03.

Destination wise, India's imports from West Europe (18.80 per cent) grew by 20.08 per cent at $14,780.02 million during the period under review, against $12,208.16 million in the corresponding months of 2002-03. Imports from Asia and Oceania (34 per cent) grew by a massive 44.72 per cent at $21,119.80 million, against $14,593.29 million in the corresponding period of 2002-03. Imports from the America's (8.80 per cent share) grew by 13.21 per cent at $5,484.06 million, against $4,844.36 million in the corresponding period of 2002-03.

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