The Hindu Business Line : Five traditional items propel export growth

JUST five traditional items accounting for almost three-fourth of the country's aggregate exports played a dominant part in propelling the export growth to 28.12 per cent in dollar terms during the first seven months of the current fiscal. They include, agriculture and allied products, gems and jewellery, chemicals and related products, engineering goods and textiles.

According to provisional disaggregated trade data of the Directorate General of Commercial Intelligence & Statistics (DGCI&S) Kolkata, textile exports which suffered a setback last fiscal recovered this year as its exports (weightage 16.36 per cent) notched up a growth of 10.04 per cent at $6917.38 million during April-October 2004, against $6286.14 million in the same period of the previous fiscal.

Chemicals and related products (15.32 per cent) posted a robust 26.32 per cent at $6479.78 million ($5117.45 million), while engineering goods (17.78 per cent) notched up a wholesome 41.03 per cent growth at $7516.96 million ($5329.97 million). Whereas gems and jewellery (17.54 per cent) registered a growth of 21.67 per cent at $7417.59 million ($6096.59 million), agriculture and allied products exports (6.97 per cent) grew by 16.08 per cent at $2949.22 million ($2540.58 million).

Interestingly, petroleum products (8.80 per cent) posted a handsome growth of 87.85 per cent at $3635.22 million ($1935.21 million).

Among the laggards, marine products export continued to be in the dumps which posted a negative 11.06 per cent at $661.55 million ($743.84 million). In contrast, exports of raw cotton, including waste, jumped by a massive 442.96 per cent at $47.56 million ($8.76 million). Overall, the country's exports grew by 28.12 per cent to $42288.74 million($33008.25 million).

Destination-wise India's exports to Asia and Oceania which absorb as much 46 per cent of its aggregate exports recorded a relatively robust growth of close to 33 per cent at $19412.75 million ($14630.21 million). Exports to Africa, which account for a meagre share of 6.37 per cent, displayed a buoyant trend by posting a growth of 37 per cent at $2691.74 million ($1959.77.14 million). Exports to the Americas (21.95 per cent weightage) registered a growth of 25 per cent at $9281.16 ($7449.14 million).

Among the top 15 countries for India's exports, Singapore logged the highest growth of 122 per cent during the first seven months of the current fiscal, followed by China at 73 per cent, UAE at 51 per cent, Belgium at 34 per cent, France at 33 per cent, while Bangladesh notched up a negative growth.

On the imports front, petroleum, crude and products, with a share of 30.42 in total imports, showed a growth of 26 per cent at $17259.33 million ($11002.05 million). Machinery imports (8.70 per cent) logged a growth of 20.34 per cent at $4936.35 million ($4102.17 million), while there was a welcome decline in the import of edible oil, which with a share of 2.29 per cent in total imports nosedived by 15.03 per cent at $1411.75 million ($1661.55 million).

Although sugar imports account for a tiny 0.15 per cent share, it shot up by a staggering 2817.57 per cent during the period under review at $83.99 million ($2.88 million).

There has also been an unexpected uptrend in imports of gold and silver during the current fiscal, which with a share of 8.68 per cent in total imports grew at a relatively high 22.83 per cent at $4920.88 million ($4006.38 million). Overall, imports during the first seven months of the current fiscal grew by 36.05 per cent at $56709.46 million ($41681.94 million).

Destination-wise, India's imports sourced from Asia and Oceania which accounts for 39 per cent, grew by a high 42.29 per cent at $19501.07 million ($13705.27 million).

Imports from West Europe, which account for a share of 21.37 per cent, were up by 20.04 per cent at $12119.40 million ($10096.10 million). Imports from the Americas (8.18 per cent) grew by 20.04 per cent at $4636.73 million ($3862.81 million).

Among the top 15 countries for India's imports, the highest growth was recorded by the UAE at 151 per cent followed by China at 69 per cent, Australia at 56 per cent, Singapore at 33 per cent and Germany at 30 per cent, while South Africa recorded negative growth rate.

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