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West Europe, Asia and Oceania drive Q1 exports

G. Srinivasan

NEW DELHI, Sept. 13

THE $10 billion-plus export growth compassed during the first quarter of the current fiscal stemmed essentially from India's stupendous performance in two regions, West Europe and Asia and Oceania, which together accounting for 65 per cent of the country 's total export markets fetched $6.762 billion.

Unpublished disaggregated destination-wise trade data by the Economic Division of the Commerce Ministry show that this positive trend reflects the renewed rebound in demand for Indian products, particularly after a few years of sluggish offtake for India n export goods.

West Europe with a weight of 27.53 per cent in total trade posted a 23.28 per cent growth during April-June 2000 at $2,869.06 million, against $2,327.21 million. Similarly, the Asia and Oceania region with a weight of 37.36 per cent, logged a growth rate of 28.51 per cent at $3,893.71 million, against $3,029.79 million.

Among the West European destination, exports to the UK shot up during the quarter under review registering a growth of 30.24 per cent at $588.28 million, against $451.68 million in the corresponding months of the previous year. India's exports to Germany too picked up momentum logging a growth of 17.05 per cent at $490.98 million, against $419.44 million.

Among the Asia and Oceania region, the best export growth was achieved with Indonesia where India's exports registered a growth rate of 102.81 per cent at $119.20 million ($58.77 million), followed by Japan where Indian exports logged a growth rate of 36 .78 per cent at $482.83 million ($353 million).

India's exports to America (weight 25.60 per cent) too grew significantly by 26.84 per cent at $2,668.16 million ($2,103.59 million). In particular, India's exports to the US grew by 26.23 per cent at $2,297.07 million ($1,819.69 million).

India's exports to East Europe, which account for 3.21 per cent in total trade, too displayed buoyant trend growing by 24.01 per cent during the quarter under review at $334.36 million against $269.62 million.

On the other hand, imports from Asia and Oceania showed a negative growth 25.58 per cent though this region accounts for a substantial share of 27.12 per cent in total imports into India. Imports from Asia and Oceania amounted to $3,446.51 million during April-June 2000, against $4,631.35 million. However, imports from West Europe (weight 26.75 per cent) posted a modest 6.27 per cent growth at $3,398.77 million ($3,198.30 million).

Interestingly, India's imports from the East Europe showed a growth of 20.86 per cent at $223.72 million ($185.11 million) even though this region accounts for a meagre 1.76 per cent in India's total imports.

Commodity-wise, there is a gratifying development on the farm front as the country's agriculture and allied product exports, reversing its sliding trend, registered a growth of 4.50 per cent during the quarter under review.

This product category accounting for 8.80 per cent in total exports fetched $917.43 million during the quarter under review, against $877.91 million.

Exports of marine products too shot up by 23.58 per cent at $289.13 million ($233.97 million). Leather exports accounting for 4.06 per cent in total exports fetched $423 million ($349.71 million), while gem and jewellery exports earned $1,602.41 million ($1,446.95 million).

Engineering goods exports with a weight of 13.10 per cent posted a hefty 47.30 per cent growth at $1,365.16 million during the quarter against $926.78 million in April-June 1999. There has been a significant jump in unclassified exports which went up fro m a level of $102.14 million to $494.66 million marking a growth of 384.31 per cent.

On the import front, bulk imports posted a growth of 38.51 per cent at $5,240.75 million, against $3790.09 million. There is a considerable decline in import of gold and silver during the period under review at $1,017.02 million ($1,351.74 million).

Reflecting the opening up of the Indian textile market under bilateral agreement with major textile trading majors, import of made-up textile articles jumped to $11.13 million in April-June 2000, against $3.28 million.