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G. Srinivasan

New Delhi , Dec. 1

THE 8.49 per cent export growth recorded in the first four months of the current fiscal was largely on account of two traditional export items - chemicals and related products and engineering goods - while others like agriculture and allied products, gems and jewellery, leather and manufactures, plantation and textiles posted either tepid growth or even declined.

Unpublished disaggregated trade statistics compiled by the Economic Division of the Commerce Ministry based on provisional data of the Directorate-General of Commercial Intelligence and Statistics (DGCI&S), Kolkata show that engineering goods with a weight of 17.3 per cent in overall exports registered a growth of 36.56 per cent by fetching $3,081.17 million during April-July 2003, against $2,256.24 million in the comparable months of 2002. Chemicals and related products (15.68 per cent) registered a growth of 13.53 per cent at $2,792.59 million, against $2,459.79 million in the comparable months of 2002.

Textiles (weight of 18.91 per cent) declined 7.79 per cent during the period under review at $3,367.65 million ($3,659.12 million). Agriculture and allied products (7.92 per cent) logged a meagre 3.43 per cent growth at $1,411.06 million ($1,368.27 million).

Leather and manufactures (3.47 per cent) too declined 3.02 per cent at $618.53 million ($637.76 million). A saving grace is that unclassified exports (4.09 per cent) posted a 116.28 per cent growth at $728.67 million ($336.92).

Overall exports during the period April-July 2003 amounted to $17,806.82 million, against $16,412.76 million in the corresponding months of 2002, registering a growth of 8.49 per cent.

Region-wise, India's exports to West Europe, which accounts for almost a quarter of the aggregate exports (24.99 per cent) recorded a growth of 12.38 per cent at $4,449.37 million, against $3,959.28 million in the corresponding months of 2002. Exports to Asia and Oceania, accounting for a major chunk of 43 per cent, logged a reasonably salutary growth of 11 per cent during the period under review at $7,650.73 million ($6,893.62 million).

Exports to the Americas (23.27 per cent) declined 1.94 per cent at $4,144.20 million ($4,226.30 million). Within this region, India's exports to the US, which absorb close to 20 per cent of aggregate exports, marked a growth of only 0.45 per cent at $3,530.39 million ($3,514.44 million). It is only to Africa, which accounts for 6.05 per cent of India's total exports, the export growth was a hefty 20.16 per cent at $1,077.93 million ($897.08 million).

On the import front, bulk imports accounting for 38.04 per cent of total imports, registered a growth of 17.28 per cent during the first four months of the current fiscal at $8,782.51 million, against $7,488.26 million in similar period of 2002. The net major single import item, petroleum, crude and products accounting for a share of 26.70 per cent in India's total imports, posted a growth of 11.65 per cent during the period under review at $6,114.93 million ($5,476.65 million). Machinery imports (9.41 per cent) too registered a growth of 32.71 per cent at $2,155.81 million ($1624.47 million).

Interestingly, after a few years' decline in import of gold and silver, the import of the yellow and white metal showed a sharp bounce logging a massive growth of 107.39 per cent at $2,428.14 million, against $1170.78 million in the corresponding months of 2002. Similarly, import of electronic goods (8.96 per cent) posted a high growth of 40 per cent at $2,952.98 million ($1470.59 million).

Overall, imports during the period under review posted a growth of 23.23 per cent at $22,906.12 million, against $18,588.42 million in the corresponding months of 2002.

Region-wise, the high import growth emanated from almost all regions such as the Americas, West Europe, Asia and Oceania, Africa and Commonwealth of Independent States (CIS) & Baltic States. Import from West Europe (25.37 per cent) grew by 22.50 per cent at $5,811.24 million ($4743.90 million), while from Asia and Oceania (30.89 per cent) by 35 per cent at $7,076.77 million against $5241.87 million. Surprisingly, India's import from CIS & Baltic States (1.85 per cent share in total imports) rose by 73.25 per cent at $424.07 million ($244.47 million). Import from Africa (5.43 per cent) grew by 30 per cent at $1,242.86 million ($955.20 million).

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