The Hindu Business Line : Gem & jewellery, machinery lead export growth

FIVE commodities — transport equipment; petroleum, crude and products; machinery and instruments; gems and jewellery; and readymade garment-cotton, including accessories — that account for 42 per of the country's aggregate exports performed well to sustain a 21 per cent growth in dollar terms during the first two months of 2005-06 fiscal.

According to disaggregated trade data compiled on the basis of provisional data of the Directorate of Commercial Intelligence & Statistics by the Economic Division of the Department of Commerce, gems and jewellery, with a share of 16.36 per cent in total exports, clocked a growth of 19.63 per cent at $2284 million during April-May 2005, against $1909.28 million in the corresponding period in 2004.

Transport equipment (weight 5.59 per cent) logged a growth of 106.87 per cent at $780.16 million ($377.12 million).

Machinery and other instruments (4.62 per cent) posted a 31.57 per cent growth at $644.38 million ($489.78 million), while RMG cotton, including accessories (6.54 per cent), notched up a growth of 19.44 per cent at $913.19 million ($764.59 million).

Chemicals and related products (15.23 per cent) registered a growth of 16.24 per cent at $2126.26 million ($1829.21 million), while engineering goods (19.41 per cent) grew by 62.77 per cent at $1452.36 million ($892.25 million).

A noteworthy development is that in the face of reports of negative growth during the inaugural months of 2005 after the abolition of quota regime in December 31, 2004, exports of textile and clothing, which account for 14.64 per cent in the overall exports, acquitted themselves well by recording a growth of 9.16 per cent during April-May 2005 at $2043.51 million ($1872.06 million).

While exports of agriculture and allied products (7.63 per cent) registered a growth of 0.81 per cent at $1065.10 million ($1056.59 million), marine products exports (1.18 per cent share), which suffered substantially last year because of the tsunami devastation, recovered by logging a growth of 28.41 per cent at $164.32 million ($127.96 million).

Overall, the country's exports during the first two months of 2005-06 grew by 21.26 per cent at $13962.21 million ($11514.02 million).

Destination-wise, Asia and Oceania which absorbed India's exports of the order of 47.31 per cent, grew 17.81 per cent at $6605.58 million in April-May 2005 ($5606.84 million), while West Europe, absorbing close to 30 per cent of India's exports, clocked 24.32 per cent growth at $3395.73 million ($2634.42 million).

Among the top 15 countries for exports, South Africa logged the highest growth (131 per cent), followed by Singapore (97 per cent), the UK (54 per cent), China (52 per cent) and France (50 per cent). The United Arab Emirates recorded negative growth rate.

On the import front, bulk imports with a weight of 39.75 per cent showed a growth of 42.78 per cent at $8593.56 million during April-May 2005 against $6018.87 million. Petroleum, crude and products (29.37 per cent) registered a growth of 41.62 per cent at $6346.66 million ($4481.40 million).

Machinery imports (9.29 per cent) grew by 57.88 per cent at $2006.774 million ($1271.10 million), while imports of pearls, precious and semi-precious stones (7.92 per cent) went up by 111.15 per cent at $1710.54 million ($810.12 million).

A surprising feature on the import front is that as against last year's relentless rise in import of gold and silver, such imports, accounting for a share of 9.10 per cent in the country's aggregate, nosedived by 9.99 per cent during the first two months at $1967.01 million ($2185.35 million). Overall imports during the period under review registered a growth of 44.82 per cent at $21611.31 million ($14922.43 million).

Destination-wise, India continues to source substantial part of its imports from Asia and Oceania as this region accounting for a share of 32.23 per cent in total imports grew by 36.31 per cent at $6965.61 million ($5110.28 million). Imports from West Europe (25.30 per cent) grew by 61.87 per cent at $5467.03 million, against $3377.40 million.

Among the top 15 countries for imports, the highest growth was recorded by Hong Kong (80 per cent), followed by Belgium (75 per cent), Germany (71 per cent), Switzerland (70 per cent), the UK (66 per cent), the UAE (51 per cent) and the US (47 per cent).

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