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G. Srinivasan

NEW DELHI, Sept. 13

THE deceleration in export growth in the first two months of the current fiscal from 21 per cent in the previous month to 12.32 per cent was largely due to the negative export performance of textiles, plantation sector and only a modest growth in exports of gem and jewellery and petroleum products.

Disaggregated trade data compiled by the Economic Division of the Ministry of Commerce based on provisional figures of the DGCI&S for the first two months show that textiles, with a weight of 20.02 per cent in overall exports, put up a poor show of -5.23 per cent growth at $1,516.69 million, against $1,600.44 million in the comparable months of 2001.

The worst performance by readymade garments and cotton, yarn, fabrics and made-ups, constituting almost 30 per cent of total textile exports, was the reason for the overall dismal show of textiles during the period under review.

Exports of gems and jewellery (12.93 per cent weight) logged a modest 2.36 per cent growth at $979.76 million, against $957.20 million in the comparable months of 2001.

Plantation sector (1.27 per cent) put up a disconcerting show of -9.25 per cent at $96.05 million, against $105.84 million in the corresponding months of 2001.

Agriculture and allied products (8.76 per cent) registered an export growth of 25 per cent at $663.66 million, against $638.77 million in April-May 2001.

Unclassified exports (3.03 per cent) clocked a hefty 55 per cent growth at $229.56 million ($148.32 million).Petroleum product exports (4.18 per cent) recorded a measly 2.86 per cent growth at $316.47 million ($148.32 million).In contrast, other traditional export items such as chemicals and related products and engineering goods with a combined weight of almost 30 per cent in total exports registered robust growth.

While exports of chemicals and related products notched up a growth of 16.34 per cent at $1,189.53 million against $1,022.42 million in the comparable months of 2000, exports of engineering goods registered a hefty 18.04 per cent growth at $1,053.12 million ($892.20 million).

A study of destination-wise exports reveals that Asia and Oceania powered the higher export growth during the first two months of the current fiscal.

This region, accounting for 44 per cent of exports, logged a 27 per cent growth at $3,313.60 million ($2,612.19 million).This is followed by an equally robust performance with the Americas, which, with a weight of 25 per cent in total exports, put up a wholesome growth of 20.65 per cent at $1,884.34 million ($1,561.83 million).Per contra, exports to West Europe, which accounts for 23.05 per cent, notched up a patchy growth of 3.44 per cent at $1,745.90 million ($1,689.24 million).Overall, exports during April-May 2002 amounted to

$7,575.80 million, against $6,744.94 million, posting a growth of 12.32 per cent, more in sync with the Commerce Ministry's target for the whole fiscal.

On the import front, bulk imports, constituting 42 per cent of total imports, put up a moderate growth of 5.66 per cent at $3,745.01 million, against $3,544.25 million in the comparable months of 2001.

The highest import growth was accounted for by pearls, precious and semi-precious stones, which, with a weight of 11.01 per cent, put up a growth of 39 per cent at $972.76 million ($701.48 million).This was followed by machinery imports (weight 9.28 per cent), which registered a robust 28.47 per cent growth at $819.97 million ($701.48 million).

Interestingly, gold and silver imports which account for a share of 6.23 per cent in overall imports, declined by a massive 55 per cent at $550.26 million ($1,210.68 million). Destination-wise, imports showed increase only from the Americas, East Europe and the Commonwealth of Independent States (CIS), which together have a weight of 12 per cent.

Imports from West Europe, a region accounting for 25 per cent of India's imports, posted a dismal -10.29 per cent growth at $2,179.20 million ($2,429.24 million).East Europe, accounting for a share of 0.46 per cent, posted a disproportionately high import growth of 90 per cent at $40.57 million ($21.40 million).CIS countries, accounting for a meagre 1.45 per cent in aggregate imports, rose by a hefty 24 per cent at $127.96 million during April-May 2002, against $103.31 million in the comparable months of 2001.

Imports from the Americas, accounting for a share of 9.88 per cent in overall imports, showed a wholesome growth of 33 per cent at $872.96 million ($658.40 million).Overall, imports during the first two months of the current fiscal grew by a meagre 0.77 per cent at $8,836.79 million, against $8,769.07 million in the comparable months of 2001.

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