The Hindu Business Line : Exports touch $102 b in fiscal 2005-06

India's merchandise exports grew by 23 per cent to touch record levels of $102.7 billion during the financial year 2005-06 and it is estimated to cross $120 billion by the end of 2006-07, according to the Ministry of Commerce and Industry.

Almost all the major sectors have contributed to the growth in exports particularly the project goods (79 per cent growth over last year), petroleum products (64 per cent growth) and transport equipment (61 per cent). The other sectors, which added to the growth, are engineering goods (24.61 per cent), basic chemicals, pharmaceuticals and cosmetics (25 per cent), coffee (49 per cent), oil meals (54 per cent), processed food (22 per cent), carpets (30 per cent), raw cotton, textiles as a group (over 17 per cent) and spices (over 19 per cent). Export of agricultural and allied products increased by over 17 per cent.

The US continues to be the number one destination for Indian exports with 16.75 per cent of the total merchandise exports from India during 2005-06 reaching that country. The other top destinations for Indian goods are UAE (8.36 per cent share of India's export), People's Republic of China (6.54 per cent), Singapore (5.42 per cent), the UK (5.01 per cent) Hong Kong (4.34 per cent), Germany (3.42 per cent), Belgium (2.78 per cent), Luxembourg and Japan (share of 2.39 per cent each) and Republic of Korea (1.77 per cent).

On the employment front, it is expected that an additional 21 million jobs will be created between 2004-05 and 2009-10 as a result of export growth, said a press release quoting an RIS study.

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