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Three big ticket items pull up export growth

G. Srinivasan

NEW DELHI, Oct. 27

THE 25.43-per cent export growth registered in the first four months of the current fiscal is mainly due to the performance from triple sectors comprising chemicals and related products, engineering goods and textiles which together account for 53 per ce nt of aggregate exports.

Disaggregated foreign trade figures compiled by the Economic Division of the Commerce Ministry based on data from the DGCI&S show that textiles, the single big ticket item with a weight of 26.30 per cent in the country's trade basket, logged a growth of 24.92 per cent at $3,703.72 million, against $2,964.98 million.

Chemicals and related products, with a weight of 13.66 per cent, put on a growth of 24.15 per cent at $1,923.04 million during April-July 2000, against $1,548.95 million, while engineering goods, with a weight of 13.10 per cent, registered a growth rate of 42.45 per cent at $1,845.45 million ($1,295.47 million).

Though leather and manufactures account for a weight of4.19 per cent, export performance of this segment registered a growth rate of 20.59 per cent at $590.75 million ($489.87 million) reviving hope of a rebound in coming months from a relatively adverse performance in the recent past.

A disappointing performance stemmed from gem and jewellery which with a substantial weight of 15.69 per cent logged a tepid 6.87 per cent growth during the period under review at $2,208.97 million ($2,067.04 million).

Yet another damp squib show on the export front emanated from agriculture and allied products which with a weight of 8.35 per cent logged a negative 1.83 per cent growth at $1,175.85 million ($1,197.79 million).

Destination-wise, India's exports continue to perform in a splendid fashion in the region of Asia and Oceania and America which together constitute 62 per cent of the country's aggregate exports. India's exports to Asia and Oceania which with a weight of 36.32 per cent showed a growth of 22.82 per cent during the period under review at $5,114.50 million (against $4,181.34 million).

Within this region, exports to China showed a growth of 61 per cent at $236.25 million during April-July 2000 against $146.82 million, though trade with China constitutes 1.68 per cent of India's exports.

In the case of the US, which accounts for a weight of22.24 per cent in India's total trade, exports registered a growth of 21.56 per cent at $3132.60 million against $2,576.92 million.

On the import front, bulk imports with a weight of 42.08 per cent registered a growth of 38.23 per cent at $7,267.07 million against $5,257.35 million in the corresponding months of 1999.

Petroleum, crude and products -- which consists of a weight of 31.83 per cent -- put on a disproportionately high growth rate of 84.66 per cent at $ 5,496.43 million against $2,976.48 million in the corresponding months of 1999, thanks to the steep incre ase in world crude prices.

Import of gold and silver accounting for a weight of 7.38 per cent posted a negative growth of 25.50 per cent at $1,275.31 million against $1,711.93 million in the corresponding months of 1999.

Destination-wise, India's imports suffered from all regions except West Europe and East Europe where the growth rate during the period under review has been 2.97 per cent and 12.90 per cent even as these two regions account for 26.15 per cent and 1.75 pe r cent respectively.

A particularly noteworthy development is that though Asia and Oceania account for 22.31 per cent in India's imports, import growth from this region registered a -23.24 per cent growth at $4,935.61 million against $6,430.33 million in the corresponding mo nths of 1999.