The Hindu Business Line : Five traditional items push export growth

IMPRESSIVE performance by traditional export products such as gems and jewellery, chemical and related products, engineering goods and relatively moderate show by textiles and agriculture and allied products which together account for slightly more than 75 per cent of the overall exports contributed to the 18.20 per cent export growth notched up during the first eleven months of the fiscal 2003-04.

Unpublished disaggregated trade data collated by the Directorate of Commercial Intelligence and Statistics (DGCI&S), Kolkata and compiled by the Economic Division of the Commerce Ministry show that engineering goods with a weight of 16.54 per cent in overall exports logged a whopping 34.97 per cent growth at $9215.50 million during April 2003 to February 2004, against $6827.62 million in the corresponding months of 2002-03.

Chemicals and related products (weight 15.53 per cent) posted a growth of 21.46 per cent at $8653.93 million against $7125.01 million, while gems and jewellery (16.65 per cent) registered a growth rate of 14.77 per cent at $9277.20 million against $8083.48 million.

Textile exports (19.10 per cent) posted a growth of 7.05 per cent at $10642.89 million against $9941.84 million, reversing the previous year's poor score, while agriculture and allied products too (8.32 per cent) logged a salutary 8.66 per cent growth at $4633.26 million against $4264.19 million.

Surprisingly, the best export show was by petroleum products (5.78 per cent), which notched up the highest growth of 44.62 per cent at $3221.47 million against $2227.62 million.

Except marine products which registered a negative growth of 6.51 per cent accounting for a share of 2.19 per cent in total exports, almost all the important segments of exports turned out better performance throughout the period under review to result in export receipts of $55716.92 million against $47136.11 million in the comparable months of 2002-03, a growth of 18.20 per cent.

Destination-wise, India's exports to all the major regions showed a better performance except to the Americas which with a share of 21.16 per cent in India's aggregate exports, posted a paltry 0.67 per cent growth at $11789.45 million against $11710.80 million.

India's exports to West Europe (23.54 per cent) posted a growth of 17.86 per cent at $13116.03 million against $11128.82 million, while exports to Asia and Oceania (46.19 per cent) logged a growth of 27.29 per cent at $25734.98 million against $20217.13 million. India's exports to Africa (6.07 per cent) posted a handsome 24.25 per cent growth at $3384.71 million against $2724.17 million.

On the import front, bulk imports with a weight of 37.99 per cent in overall imports, registered a growth of 21.27 per cent at $26223.81 million during the first eleven months of 2003-04 fiscal, against $21625.14 million in the corresponding months of 2002-03.

Machinery imports (10.63 per cent) posted the highest growth rate at 41.90 per cent amounting to $7338.61 million against $5611.54 million.

The higher growth in capital goods imports also got reflected in the higher industrial growth rate notched up in the last fiscal.

Although import of petroleum crude and products accounted for a considerable chunk of 26.70 per cent in total imports, their growth rate during the period under review was 15.70 per cent at $18430.95 million against $15930.59 million.

The larger import outgo was due to the firming up of international crude prices than because of any unusual spurt in domestic consumption of POL.

Imports of gold and silver (8.71 per cent) grew by a hefty 61.90 per cent at $6015.36 million against $3715.40 million.

Overall imports grew by a relatively higher 25.80 per cent at $69034.94 million against $54877.86 million. Destination-wise,

India's imports from West Europe (23.65 per cent) registered a growth of 21.95 per cent at $16326.96 million against $13388.56 million. Imports from Asia and Oceania (34.40 per cent) grew by a massive 48.26 per cent at $23750.43 million against $16019.73 million, indicating the increasing intra-Asian trade ties.

India's imports from the Americas (8.63 per cent) grew by 13.08 per cent at $5957.59 million against $5268.51 million, while imports from Africa (4.22 per cent) decelerated notching up a negative 4.91 per cent growth at $2911.66 million against $3062.12 million.