India`s merchandise exports surge 23% in 200506
India`s merchandise exports surge 23% in 2005-06
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Source: IRIS (19 July 2006)
India`s merchandise exports during the financial year 2005-06 have posted a growth of 23% with a recorded figure of USD 102.7 billion. The exports are expected to cross USD 120 billion by the end of 2006-07.
The exports surged to record levels across all major commodity groups and destinations during 2005-06 and the trend is continuing during the current year (April-June 2006).
According to the provisional data available for the first quarter April-June of the current financial year 2006-07, India`s merchandise exports during April-June 2006 are valued at USD 27.6 billion which is 32.40% higher than the level of USD 20.9 billion during April-June 2005. Union Minister of Commerce & Industry Kamal Nath, expects India`s merchandise exports to hit USD 126 billion this year, representing a doubling of exports within just 3 years.
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During 2005-06, the commodities which witnessed very high growth cutting across diverse sectors were- project goods (79%), petroleum products (64%), transport equipment (61%), engineering goods as a group (24.61%), basic chemicals, pharmaceuticals & cosmetics (25%) while chemicals and related products as a group showed a growth of over 17%.
Apart from this, coffee witnessed 49%, oil meals 54%, processed food 22%, carpets 30%, raw cotton 570%, textiles as a group over 17% and spices over 19%.
Exports of agricultural & allied products as a group increased by over 17%.
India`s top 10 export destinations based on their percentage share of India`s total merchandise exports during 2005-06 were USA with a share of 16.75% followed by United Arab Emirates (UAE) with 8.36%. People`s Republic of China share stood as 6.54%, Singapore`s 5.42%, the United Kingdom`s 5.01%, Hong Kong`s 4.34% and Germany`s 3.42%.
While, Belgium with 2.78%,Luxembourg and Japan share of 2.39% each, and Republic of Korea share of 1.77%.
On the employment front, according to the RIS study on employment, an additional 21 million jobs are expected to be created between 2004-05 and 2009-10 as a result of export growth.
Interestingly, the export and employment figures indicate that new policy initiatives by the government in the foreign trade sector are providing to be effective in meeting the objectives of the Foreign Trade Policy announced by Kamal Nath, Minister of Commerce & Industry.
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