The Hindu Business Line : Traditional goods push exports up 20 pc

TRADITIONAL export products such as gem and jewellery, chemicals and related products and engineering goods and unconventional export item such as petroleum products together accounting for as much as 59 per cent of the country's aggregate exports registered more than 20 per cent growth in dollar terms each during the first eight months of the current fiscal to enable overall export growth at 29 per cent in April to November 2004.

According to disaggregated provisional trade data of the Directorate General of Commercial Intelligence and Statistics, petroleum products with a weight of 8.75 per cent in overall exports grew by as much as 91.32 per cent during April-November 2004 at $4326.10 million against $2261.21 million in the corresponding months of 2003.

Whereas chemicals and related products (15.40 per cent weight) grew by 28.38 per cent at $7616.49 million against $5932.63 million, engineering goods (17.52 per cent weight) grew by a hefty 39.55 per cent at $8664.43 million against $6209.04 million. Gems and jewellery (16.91 per cent) grew by 20.40 per cent at $8364.36 million against $6946.95 million, while textiles (15.38 per cent) notched up a growth of 4.65 per cent at $7608.18 million against $7270.35 million.

A particularly noteworthy phenomenon on the export front is the buoyant growth displayed by unclassified exports which with a weight of 8.75 per cent in overall exports grew by a whopping 133.98 per cent at $2346.57 million against $1002.95 million.

Overall, exports were estimated at $49454.30 million against $38283 million, showing a growth of 29.18 per cent.

Destination wise, Asia and Oceania which absorbed as much as 46.25 per cent of the country's exports posted a robust 32.87 per cent at $22870.78 million against $17219.98 million. West Europe, which absorbed 23.97 per cent of India's exports, grew by a relatively high 24.39 per cent at $11856.65 million against $9531.58 million. Exports to the America's, which gobbled a 21.47 per cent in India's total exports, grew by 25.77 per cent at $10617.91 million against $8442.20 million.

Among the top 15 countries for exports, Singapore logged the highest growth at 107 per cent, followed by China at 74 per cent, the UAE at 48 per cent and France at 35 per cent. Bangladesh recorded negative growth rate. On the import front, bulk imports with a massive weight of 40.93 per cent in total imports of the country grew by a substantial 45.94 per cent at $26952.20 million against $18468.29 million. Import of petroleum, crude and products which account for the second biggest share of 29.40 per cent in total imports went up by 51.36 per cent at $19362.20 million against $12792.12 million, reflecting both the pronounced pickup in domestic consumption and also the high global crude prices during the period.

Machinery imports (9.18 per cent weight) too grew by a high 26.96 per cent at $5145.57 million against $4219.96 million, while import of pearls, precious and semi-precious stones which account for 7.81 per cent in total imports posted a growth of 21.93 per cent at $5145.57 million during April-November 2004 against $4219.96 million in the corresponding period of 2003.

Surprisingly the lure of gold continues to hold sway with import of gold and silver (9.17 per cent) registering a 32.85 per cent at $6035.15 million against $4542.76 million.

Overall, imports grew substantially by 36.98 per cent at $65847.43 million against $48071.37 million.

Destination wise, India's imports from Asia and Oceania which supplies 35.01 per cent of India's import requirements grew by 44.52 per cent during April-November 2004 at $23054.32 million against $15952.03 million, while imports from West Europe (21.40 per cent) grew by 21.59 per cent at $14088.96 million against $11587.30 million. Imports from the America's (8.40 per cent) grew relatively robustly by 27.11 per cent at $5530.81 million against $4351.36 million.

Among the top 15 countries for imports, the highest growth was recorded by UAE at147 per cent, followed by China at 73 per cent, Australia at 58 per cent, Switzerland at 32 per cent and Germany at 31 per cent. South Africa recorded negative growth rate.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page