The Hindu Business Line : Traditional items push April exports up 34%

TRADITIONAL items like agriculture and allied products, gems and jewellery, chemicals and related products and engineering goods accounting for more than half of the overall exports notched up a salutary performance during the inaugural month of the current fiscal to enable a 34 per cent export growth in dollar terms.

Disaggregated trade data based on provisional estimates by the Directorate-General of Commercial Intelligence & Statistics, Kolkata show that gems and jewellery with a weight of 15.80 per cent in total exports logged the growth of 52 per cent at $886.86 million in April 2004, against $584.60 million in April 2003. While exports of chemicals and related products (weight 15.45 per cent) registered a growth of 27.56 per cent at $867.01 million ($679.69 million), exports of engineering goods (16.94 per cent) posted a growth of 38.60 per cent at $950.84 million ($686.05 million).

Agriculture and allied products, which account for a share of 9.18 per cent, grew 33.09 per cent at $515.35 million ($387.23 million). Another traditional item textiles, with a share of 14.58 per cent in total exports, recorded a dip of 4.57 per cent at $823.64 million ($863.09 million).

Petroleum products export (10 per cent) registered a growth of 115.40 per cent during the month under review at $561.24 million, against $257.65 million in April 2003, reflecting largely the higher price effect of derivatives as a sequel to the firming up of global crude prices. Performance by the plantation sector, which was none too encouraging in recent years, turned out to be better in the inaugural month of 2004-05 as export from this segment grew by 23.07 per cent at $41.02 million ($33.33 million).

Overall, exports during April 2004 at $5611.41 million, against $4176.92 million showed a growth rate of 34.34 per cent.

Destination wise, India's exports to West Europe, which absorbed 22 per cent of its aggregate exports in April 2004, fetched $1207.82 million, against $999.25 million in April 2003, revealing a rate of growth of 20.85 per cent. Exports to Asia and Oceania (49.18 per cent share) notched up a growth of 44.43 per cent in April 2004 at $2,759.73 million ($1,910.81 million). Exports to the Americas (21.42 per cent) grew by 30.19 per cent at $1,202.03 million ($923.26 million).

On the import front, bulk imports with a weight of 43.61 per cent in total imports, posted a high growth of 43.07 per cent during April 2004 at $2,943.70 million, against $2,057.46 million in April 2003. The second single biggest import item, petroleum crude and products with a weight of 34.58 per cent, logged a 60.49 per cent growth in April 2004, reflecting the hardening of global crude prices, at $2,334.11 million, against $1,454.33 million in April 2003. Machinery imports (7.75 per cent) grew by 11.53 per cent at $522.84 million ($468.81 million).

Gold and silver with a weight of 14.27 per cent in total imports registered a growth of 19.99 per cent during April 2004 at $963.10 million, against $802.66 million in April 2003. Overall, imports grew 20.84 per cent during the inaugural month of the current fiscal at $6750.60 million, against $5,586.52 million in April 2003.

Destination wise, India's imports from West Europe (weight 20.89 per cent) registered a negative 5.60 per cent growth in April 2004 at $1,410.03 million, against $1,493.73 million in April 2003. Imports from Asia and Oceania (32.72 per cent) posted a growth of 33.81 per cent at $2,209.10 million ($1,650.86 million). Imports from the Americas (6.87 per cent) posted a negative 0.30 per cent growth at $463.58 million ($464.98 million).