Financial Daily from THE HINDU group of publications on indiaserver.com Thursday, November 11, 1999
16 items push up export growth in Sept G. Srinivasan NEW DELHI, Nov. 10 AS many as 16 items accounting for 71 per cent of the country's aggregate exports put on an average 38 per cent growth to pull the overall export growth to 12 per cent in September 1999. Internal quick estimates of export growth in September 1999, the latest available month, made by the Commerce Ministry reveal that another eight items of exports accounting for 16 per cent weight registered a negative 21.2 per cent growth. As a result, the average growth rate for all the items accounting for 87 per cent of the total exports was only 21 per cent in September 1999. Officials in the Commerce Ministry told Business Line here that the fact that a few select major items accounting for 87 per cent of the country's exports have registered an average 21 per cent growth after accounting for a few items' negative growth gives hope that the overall target of 11 per cent plus growth fixed for the current fiscal is feasible. The optimism also stems from recovery in world economic growth prospects in general and a noticeable turnaround in the fortunes of the South-East Asian economies in particular, they say. The single largest export item accounting for 22.82 per cent in exports, gem and jewellery, put on a growth of almost 21 per cent in September 1999 at $705 millions, as compared to $583 millions in September 1998. Exports of engineering goods (weight: 13 per cent) logged a growth of 57.65 per cent at $390 millions, as compared to $247 millions September 1998. Cotton, yarn, fabrics, made-ups which account for a weight of 7.65 per cent too registered a growth of 30 per cent at $236 millions in September 1999, against $182 millions in September 1998. Exports of basic chemicals too (7.38 per cent) recorded a growth of 34.20 per cent in September 1999 at $228 million against $170 millions in September 1998. Marine product exports (weight 3.18 per cent) clocked a growth of 57 per cent in September 1999 at $98 millions, against $63 millions. Leather and leather manufactures with a weight of 4.49 per cent turned in a sound showing by logging a growth of 23 per cent at $139 millions in September 1999 against $113 millions. Though jute manufactures including floor coverings barely account for one per cent (0.44 per cent), their exports showed a growth of 860 per cent at $14 millions in September 1999, against a mere $1 million in September 1998. Exports of electronic goods (1.55 per cent) posted a hefty 52.34 per cent growth at $48 millions, against $32 millions in September 1998. However, on the minus side, the major laggard was the readymade garment (RMG) of textiles which with a weight of 10.48 per cent put up a poor show by clocking a -0.63 per cent growth at $324 millions in September 1999 against $326 millions. Rice exports too suffered a jolt as it recorded a -58.65 per cent growth in September 1999 at $48 millions, against $115 millions. Oilmeals exports also performed poorly as they logged a negative 84 per cent growth at $4 millions in September 1999, against $25 millions. In all, these commodities accounting for almost 87 per cent of exports fetched $2,683 millions in September 1999, against $2,219 millions in September 1998, giving an average export growth rate of 21 per cent. Overall, exports at $3,088 millions in September 1999, against $2,757 millions in September 1998 gives an export growth rate of 12 per cent in dollar terms.
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