Financial Daily from THE HINDU group of publications
Saturday, Jul 19, 2003
Industry & Economy
Exports & Imports
India's exports in 2002-03 grow 19.18 pc
New Delhi , July 18
INDIA'S exports during the inaugural year of the Tenth Plan (2002-07) is now estimated at $52,234.30 million, as against the earlier estimate of $51,702.22 million announced at the end of April 2003. The figure is an upward revision by more than half a billion dollars, thanks to late entries of shipments from various customs houses.
Unpublished disaggregated trade data for the whole of 2002-03 compiled by the Economic Division of the Ministry of Commerce based on provisional foreign trade figures of the DGCI&S, Kolkata, shows that India's exports during 2002-03 at $52,234.40 million ($43,826.72 million) reflects a wholesome growth of 19.18 per cent. This is also in welcome contrast to the initial estimate of 18.5 per cent made in April 2003 for the inaugural year of the Tenth Plan.
This rebound in the country's exports was largely accounted for by traditional exports such as gems and jewellery, chemicals and related products, engineering goods and textiles. These products had acquitted themselves in the face of anaemic global economic recovery both in volume and value and in reaching out to new destinations.
Agriculture and allied products exports account only for a weight of 8.59 per cent in total export and did exceedingly well by clocking a growth of 10.32 per cent at $4,484.83 million as against $4,065.43 million. Gems and jewellery (16.95 per cent weight) logged a growth rate of 21.18 per cent at $8,853.52 million, against $7,306.28 million. Chemicals and related products (14.20 per cent) put on an equally robust show, registering a rate of growth at 16.40 per cent to $7,416.41 million ($6,371.39 million).
Engineering goods (13.75 per cent) registered a growth rate of 24.94 per cent to $7,180.14 million ($5,746.73 million), while textiles with a weight of 20.32 per cent rebounded by notching up 9.53 per cent growth to $10,611.68 million ($9,688.58 million).
The laggards in the country's exports include electronic goods, carpets, plantations comprising both tea and coffee and leather manufacturers.
Destination-wise, India has trading relations with all the major trading blocks and all the geographical regions of the world; except with the CIS (Commonwealth of Independent States) and Baltic States, India's exports boomed in all regions.
Exports to West Europe, which account for 23.37 per cent of the country's aggregate trade, registered a growth of 15.41 per cent to $12,205.32 million ($10,575.28 million). The country's growing trade relations with Asia and Oceania, by far the single largest block accounting for 42.85 per cent of India's aggregate trade, got further stimulus by recording a growth of 32.53 per cent at $22,382.78 million ($16,888.90 million in 2001-02).
With the Americas, which account for 24.69 per cent of India's total trade, the growth was a phenomenal 27.56 per cent at $12,894.33 million, against $10,108.80 million in 2001-02. Though India's trade with Africa occupies only 5.98 per cent of its total trade, there was a modest but momentous growth of 8.24 per cent to this region at $3,124.34 million ($2,886.62 million).
On the import front, which is basically contracted to meet the essential requirements of domestic consumption, investment, production and as inputs for exports, bulk imports accounting for 38.86 per cent in total imports registered a robust 20.11 per cent growth at $23,815.99 million, against $19,828.39 million in 2001-02.
Machinery imports (9.88 per cent) logged a growth of 30.97 per cent during 2002-03 to $6,054.01 million, against $4,622.59 million. Import of petroleum, crude and products accounting for 28.78 per cent in total imports registered a growth of 25.99 per cent during 2002-03 to $17,639.52 million ($14,000.25 million).
Though import of gold and silver accounts only for a share of 6.91 per cent in total imports, there was a welcome decline in their imports by a minus 7.59 per cent at $4,234.27 million, against $4,582.29 million in 2001-02. On the contrary, electronic goods import, which accounts for 8.72 per cent in total imports, registered a growth of 41.29 per cent at $5,343.73 million ($3,782.03 million).
Overall total imports during 2002-03 amounted to $61,286.31 million as against $51,413.28 million in the previous year, registering a growth of 19.20 per cent. Interestingly, the import growth of 19.20 per cent for the inaugural year of the Tenth is only a shade higher than the export growth of 19.18 per cent.
Destination-wise, India's imports during the period under review saw balanced development in almost all major regions. India's import from Asia and Oceania, which accounts for 29.21 per cent of its total imports, logged a growth of 14.30 per cent at $17,900.82 million ($15,661.18 million). Imports from West Europe (24.46) per cent grew by 11.61 per cent to $14,993.40 million, against $13,433.42 million in 2001-02. Imports from the Americas (9.83 per cent) grew by a hefty 28.63 per cent to $6,025.59 million ($4,684.59 million), while imports from Africa (5.60 per cent) showed a robust 31.48 per cent growth at $3,429.92 million ($2,608.71 million).
It is interesting to note that India's trade with both China and the US saw salutary growth during the year under review, with India registering a favourable trade balance with the US and an adverse one with China. In 2002-03, India's exports to China amounted to $1,961.11 million as against $951.95 million, marking a growth of 106.01 per cent, even as the Middle Kingdom accounts for a meagre share of 3.75 per cent in India's aggregate imports. In imports, India's import form China during 2002-03 amounted to $2,782.50 million as against $2,036.39 million in the previous year, logging a growth of 36.64 per cent, even as China accounts for a share of 4.54 per cent in India's imports.
In the case of the US, India's exports during 2002-03 fetched $10,855.58 million as against $8,513.34 million in the previous year, representing a growth of 27.56 per cent, even as the US accounts for almost a quarter of India's aggregate trade at 24.69 per cent. In the case of imports, India's import from the US during the year under review amounted to $4,417.54 million as against $3,149.62 million, even as US accounts for a share of 7.21 per cent in India's total imports.
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